National, 2nd August 2023:
Waaree Energies Limited (WEL), a renowned player in the solar energy
sector and contributing towards the transition to green and clean energy, has successfully raised
a round of equity funding, amounting to approximately INR 1000 crore. The investment round
was led by ValueQuest, an investment firm known for its strategic focus on sustainable and
progressive ventures.


Waaree Energies Ltd. had earlier raised a primary round of ~INR 1040 crore from a clutch of
investors including family offices, HNIs etc.


The current round of funding will be utilized for another 6 GW of capacity expansion, in addition
to the existing capacity of 12 GW. The additional 6 GW capacity is intended for the manufacturing
of solar ingots and wafers, cells and modules. This equity investment is in addition to the PLI
Tranche II of INR 1,923 Cr awarded by the Government of India.


The company also plans for backward integration in the manufacturing of solar cells with a
capacity of 5.4 GW. Within the next 2 years, Waaree Energies Ltd. will have 20 GW of Module
capacity, 11.4 GW Cell and 6GW Wafers manufacturing capacity. This expansion plan will further
consolidate Waaree’s position as world’s largest solar module manufacturer outside China.


Waaree Energies Limited’s long-standing association with ValueQuest has been instrumental in
advancing its mission to provide clean and sustainable energy solutions globally. The
collaboration has enabled the company to deliver solar products, strengthen its manufacturing
capabilities and enhance its customer-centric approach.


The latest funding round is a testament to the resilience and potential of Waaree Energies Limited
as a participant in the renewable energy market. The company remains dedicated to upholding
its core values of excellence, sustainability, and customer satisfaction, as it continues to lead the
way towards a greener and more environmentally responsible future.


Mr. Hitesh Doshi, Chairman & Managing Director at Waaree Energies Limited said, “This
strategic investment reinforces our vision for a sustainable future and our commitment to
revolutionizing the solar energy landscape. This funding, we believe will assist in our growth,
expand our market presence, and drive positive change in the renewable energy transition. We
appreciate the ongoing support from ValueQuest.”


Expressing his optimism in the opportunity Ravi Dharamshi, CIO & MD of ValueQuest mentioned
that “Megatrends are transformational and not incremental, with far reaching and
disproportionate impact. Waaree Energies Ltd is benefitting from twin megatrends of Energy
Transition and the Supply Chain Shift away from China.”


About Waaree Energies Ltd.

Waaree Energies Ltd. is the flagship company of Waaree Group, founded in 1989 with
headquarters in Mumbai, India. Waaree Energy is a vertically integrated new energy company. It
has Solar panel manufacturing capacity of 12 GW at its plants in Chikhli, Surat and Umbergaon in
Gujarat and has presence in EPC Services, Project Development, Solar Rooftop Solutions, Solar
Inverter, and Solar Water Pumps. It is also an Independent Power Producer. Waaree has a
presence over multiple locations nationally through its franchisees and 20 countries
internationally as of June 30, 2023. Waaree has supplied 6+GW of solar modules and
commissioned 1+ GW of solar EPC projects.


About Waaree Energies Ltd.

ValueQuest is an investment firm that specializes in identifying and supporting businesses with
long-term growth potential. The firm’s investment strategy revolves around backing sustainable
and innovative ventures across various industries, with a keen focus on environmental, social,
and governance (ESG) factors.

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