Waaree Energies Limited Appoints Mr. Sanjeev Pushkarna as CPO

Mumbai, 4^th July 2024 – Waaree Energies Limited (the “Company”), India’s largest manufacturer of solar PV modules with an aggregate installed capacity of 12 GW as of June 30, 2023 (Source: CRISIL Report), announces the appointment of Mr. Sanjeev Pushkarna as the Chief Procurement Officer (CPO) for the Company. With experience in procurement and track record spanning multiple years in the energy sector, Mr. Sanjeev Pushkarna’s appointment is expected to spearhead the Company towards innovation in renewables energy ecosystem.

Commenting on his new role, Mr. Sanjeev Pushkarna, Chief Procurement Officer, Waaree Energies Limited remarked, “Guiding Waaree Energies Limited as the chief procurement officer is a remarkable opportunity to drive changes in the realm of renewables spaces. I believe that the energy sector’s evolution hinges on supply chain challenges, and I am excited to contribute to Waaree Energies Limited’s endeavours in improving the vital aspect of supply chain management. With a commitment to excellence and innovation, we aim to position Waaree Energies Limited at the forefront of the energy transition journey.”

Mr. Sanjeev Pushkarna’s experience and approach is expected to play a pivotal role in fortifying Waaree Energies Limited’s position in renewable energy solutions. We believe that his appointment underscores Waaree Energies Limited’s pursuit of adopting effective practices in supply chain management and creating sustainable procurement policies and dedication to shaping a greener, more sustainable future for India and beyond.

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

Disclaimer:

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.inrespectively, 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 red herring prospectus 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.