Waaree Energies Limited: The Only Indian Solar Panel Manufacturer Recognized in RETC PV Benchmarking Report 2024

National, September 13, 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), proudly announces its inclusion in the RETC PV Benchmarking Report 2024. As the only Indian solar panel manufacturer included in this report, Waaree Energies Limited reaffirms its role in solar technology, underscoring its commitment to quality, reliability, and performance.

Waaree Energies Limited has been rated as the Overall Highest Achiever in the PVMI Report 2024, a recognition that highlights the company’s performance across certain key areas evaluated. This award has been presented during the RE+ event in Anaheim Convention Center, Los Angeles, USA. The RETC PV Benchmarking Report is a rigorous and respected evaluation that assesses solar PV module manufacturers worldwide. It identifies companies that meets the criteria’s in key performance metrics, quality standards, and reliability measures.

Waaree Energies Limited has been rated for its performance across critical areas, including Thermal Cycling (TC), Damp Heat (DH), Potential Induced Degradation (PID), Light-Induced Degradation (LID), Light and Elevated Temperature-Induced Degradation (LeTID), PAN File, Incidence Angle Modifier (IAM), and Bill of Materials (BOM) Verification.

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 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.