Waaree Energies Declared One of the Top Performers in Kiwa PVEL’s PV Module Reliability Scorecard 2024
Mumbai, 07 June, 2024 – Waaree Energies Limited, India’s largest manufacturer of solar PV modules with the largest aggregate installed capacity of 12 GW, as of June 30, 2023 (Source: CRISIL Report), has been recognized as one of the top performers in Kiwa PVEL’s tenth annual PV Module Reliability Scorecard 2024. This is the third consecutive year that Waaree Energies has received this recognition. This accolade highlights Waaree’s commitment to quality, reliability, and innovation in the solar industry.

PVEL’s Product Qualification Program (PQP) and annual reliability scorecard is expected to equip buyers with essential information by determining module quality, performance, and reliability through their tests. The scorecard identifies top performers based on performance in six PQP test categories, including power degradation, wet leakage, visual inspection, diode failure, and energy yield simulations. PVEL’s benchmarking is expected to provide developers, financiers, and asset owners with data for informed solar procurement and investments.
Mr. Amit Paithankar, Chief Executive Officer, Waaree Energies Limited, expressed his delight in this achievement, stating, “At Waaree Energies, we strive to achieve quality in our operations and we are honoured to be bestowed with this recognition. This acknowledgment reaffirms our commitment to delivering products compliant with industry standards. As India strives towards its net zero goals and energy transition, the quality of solar modules is expected to play a pivotal role. Moreover, indigenously manufactured modules of superior quality are expected to position our nation competitively in the global market, bolster self-sufficiency, drive exports, and economic growth. We are privileged to contribute to this transformative journey by delivering comprehensive solar solutions.”

About Waaree Energies Limited

Waaree Energies Limited (“WEL”) was founded in 1990. It is India’s largest manufacturer of solar PV modules with the largest aggregate installed capacity of 12 GW, as of June 30, 2023 (Source: CRISIL Report). WEL commenced operations in 2007 focusing on solar PV module manufacturing with an aim to provide quality, cost-effective sustainable energy solutions across markets, and aid in reducing carbon foot-print paving the way for sustainable energy thereby improving quality of life. WEL has four solar module manufacturing facilities in India, with international presence.
For more information, please visit Waaree.com


Waaree Energies Limited (the “Company”) is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the websites of the Company at www.waaree.com, SEBI at www.sebi.gov.in, the book running lead managers Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited, and ITI Capital Limited, at www.axiscapital.co.in, www.iiflcap.com, www.jefferies.com, www.nomuraholdings.com/company/group/asia/india/index.html, www.sbicaps.com, www.intensivefiscal.com, and www.iticapital.in, respectively, of the National Stock Exchange of India Limited at www.nseindia.com and of the BSE Limited at www.bseindia.com, respectively. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP which may be filed with the Registrar of Companies, Maharashtra at Mumbai, in future including the section titled “Risk Factors”. Potential investors should not rely on the DRHP filed with SEBI in making any investment decision.

This press release does not constitute an invitation or offer of securities for sale in any jurisdiction. The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws in the United States, and unless so registered may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, such Equity Shares are being offered and sold (i) outside of the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur; and (ii) within the United States to “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act), pursuant to Section 4(a)(2) of the U.S. Securities Act. There will be no offering of securities in the United States.

Waaree Energies
Manasi Patni
(Corporate Communications & Public relations)
Mob: +919833926435
Email: manasipatni@waaree.com
Adfactors PR
Brinda Mehta
Mob: +91 98204 91758
Abhishek Dutta
Mob: +91 7044342299
Email: abhishek.dutta@adfactorspr.com

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