Waaree Energies raises $122.4 million to expand solar manufacturing

Mumbai-headquartered Waaree Energies Ltd announced this week it has raised around INR 1,000 crore ($122.4 million) from various private investors including high-net-worth individuals and offices. The promoters also participated in this equity raise at the same valuation.

Waaree will use the proceeds to increase its solar module manufacturing capacity in India to 9 GW per year. Currently, it has 5 GW of PV module capacity operational and expects to commission the balance 4 GW by January next year.

Waaree also plans backward integration into the manufacturing of solar cells with a capacity of 5.4 GW.

Owing to the fund raise, the company recently withdrew its draft red herring prospectus (DRHP) filed with capital markets regulator Securities and Exchange Board of India (Sebi). It had filed the draft papers in September last year as it sought to raise money for PV manufacturing expansion and other purposes.

Waaree recently emerged as India’s largest exporter of solar panels. It is purportedly the only manufacturer in India on the government’s Approved List of Models and Manufacturers (ALMM) for 650 Wp solar panels.

The ALMM list includes eligible models and manufacturers of solar modules that comply with the Bureau of Indian Standards. Only the models and manufacturers included on the ALMM list can qualify for use in government projects and projects set up under government schemes and programs.