Waaree Energies Ltd., a manufacturer of solar panels, has raised $1 billion from private investors, including high-net-worth individuals (HNIs), through primary funding. The company notified the investors that the promoters of the company also took part in the equity raise at the same value without disclosing any specifics regarding the share being offered.
Waaree was founded in 2007–2008 and has a total capacity of 7,000 MW at the greenfield site at Chikhli in the Navsari district, in addition to 2,000 MW of solar panel (photovoltaic) module production capacity spread over three locations in the Valsad and Surat districts. The company currently has 5,000 MW of operating capacity, and by the beginning of 2023, a further 4,000 MW will be online.
“The proceeds from the fund raising will be utilised to expand the manufacturing capacity. We are also implementing backward integration by foraying into solar cell manufacturing. We will start with 5,400 MW of solar cell manufacturing capacity,” said Hitesh Mehta, Director and CFO, Waaree Energies.
Notably, due to the crowdfunding, Waaree Energies recently withdrew the draught documents submitted to SEBI.
“We have a strong commitment to offering our customers solutions that are both practical economically and simple to use. Our goal has always been to offer workable solutions to improve performance and lead the worldwide solar revolution, the man stated.
The largest solar panel exporter lately become Waaree. It is the only manufacturer of high-wattage panels in India with ALMM approval, producing 650 watt peak (WP), 600 WP, and 540 WP from its manufacturing facility in Surat. The business has 388+ locations around the nation and in 19 different countries, and it also offers EPC services, project development, rooftop solutions, and solar water pumps.
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