Waaree Energies Limited Secures Major Module Supply Contract for Acciona Energy’s subsidiary Juna Renewable’s 412.5 MWp Project in Rajasthan

Mumbai, 24^th 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 awarded a major contract by ACCIONA Energy’s subsidiary Juna Renewable Energy Private Limited, to supply its bifacial solar modules for the 412.5 MWp/335 MW AC project in Rajasthan. The date of commissioning of the said project is in March 2025.

The project, located in Kawani village, Bikaner district, is a utility-scale solar plant that will deploy Waaree’s P-type bifacial modules with a capacity of 540-545 Wp each. These modules will be installed on horizontal single-axis trackers, which are expected to maximize energy yield through enhanced light absorption and tracking capabilities.

Sunil Rathi, Director of Sales, Waaree Energies Limited, said, “We are honoured to have been selected by for this project in Rajasthan. Our partnership underscores the trust and confidence placed in Waaree’s technological ability and execution capabilities. This project reinforces our position as one of the leading module manufacturers for solar projects in India. Furthermore, such initiatives are expected to contribute in boosting employment opportunities and fostering economic growth in the region. It makes us proud to be able to contribute to this transformative journey, by delivering comprehensive solar solutions that may help shape a greener and more self-reliant India.”

“We are proud to partner with Waaree Energies Limited,” stated Mr. Radhakrishnan Ramachandran, Managing Director at ACCIONA Energy in India “Their pursuit of innovation and commitment to delivering top-tier solar solutions perfectly complement our mission to drive sustainable energy initiatives. Together, we are committed towards shaping the future of renewable energy in India, empowering communities and reducing our carbon footprint on the planet. This collaboration represents our shared dedication to contribute towards creating a greener, more sustainable world for generations to come.”

The Juna Renewable Energy Private Limited’s project is a step towards India’s ambitious renewable energy goals and is expected to contribute to the nation’s efforts to transition towards a sustainable and low-carbon future. The plant is expected to generate clean electricity, offsetting substantial amounts of carbon emissions and promoting environmental sustainability in the region.

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.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.