Mumbai, 27th February, 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), announced today that it has entered into an agreement with Mahindra Susten a renewable independent power producer (“IPP”) player for the provision of 280 MW of solar modules. Waaree Energies Limited will supply 280 MW of AHNAY Series, Bi-55 545Wp modules to Mahindra Susten. Module delivery is expected during third quarter of Fiscal 2025.

The selected modules by Mahindra Susten are bifacial Glass-to-Glass with a 30-year output performance warranty. 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), marked by NABL approved laboratory, and the company’s capacity to meet delivery timelines while ensuring quality products played a pivotal role in the company securing this project over its competitors.

Waaree Energies Limited’s bifacial Glass-to-Glass modules incorporate improved efficiency and durability.

Commenting on the agreement, Mr. Hitesh Doshi, Chairman & Managing Director, Waaree Energies Limited, said, “Delving into this partnership with Mahindra Susten brings immense pleasure to Waaree Energies Limited. It is yet another step in our commitment to advancing India’s clean energy transition as we embark on this journey, providing 280 MW of our AHNAY Series, Bi-55 545Wp solar modules. Our mission revolves around promoting the widespread adoption of sustainable energy solutions through strategic collaborations and partnerships.”

Mr. Deepak Thakur, Managing Director & CEO, said, “We are pleased to announce our partnership with Waaree Energies Limited for supply of solar modules. Their ‘Made-in-India’ products perfectly align with our commitment of supporting ‘Atmanirbhar Bharat’ in our projects. In our pursuit of powering the nation with clean, sustainable energy, we are committed to significantly develop multiple IPP renewable energy projects. We are excited about the opportunities ahead as we expand our portfolio and contribute to a sustainable future with nation energy transition.”

Mahindra Susten was established in 2010 as one of the earliest players in India’s renewable power solutions sector. As the clean-tech arm of the Mahindra Group, the company has developed over 1.5 GWp of renewable assets as an IPP (Independent Power Producer, and successfully executed over 4.2 GWp of renewable projects as an EPC in India and across the globe. Mahindra Susten is currently developing over 1.4 GWp of projects as an IPP.

About WAAREE Energies Ltd.

Waaree Energies Limited, the flagship company of the Waaree Group, was founded in 1990. It is one of the largest vertically integrated new energy solution providers and is India’s largest solar module manufacturer with a capacity of 12 GW per year as of June 30, 2023. With a legacy of over 33 years, Waaree Energies is a leader in providing one-stop solar solutions. Waaree has four state-of-the-art solar module manufacturing facilities with international presence. Making the earth a better place, every day.

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About Mahindra Susten

Mahindra Susten is Mahindra Group’s renewable energy platform, Mahindra Susten is recognised as a leading IPP with core focus on innovation and sustainability in the renewable energy sector. Our comprehensive portfolio spans an impressive Engineering, Procurement, and Construction (EPC) experience, with over 4 GWp capacity constructed, alongside a flourishing independent power producer (IPP) business boasting in excess of 1.5 GWp of developed renewable power plants, complemented by over 1.4 GWp in the developmen pipeline across India’s diverse states. Our strategic vision encompasses a formidable pipeline of renewable projects, aimed at revolutionizing the energy landscape.

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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, SEBI at, the book running lead managers Axis Capital Limited, IIFL Securities Limited, Intensive Fiscal Services Private Limited, ITI Capital Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Markets Limited, at,,,,,, and respectively, of the National Stock Exchange of India Limited at and of the BSE Limited at, 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.

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