Mumbai, 20 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), proudly announces an agreement with Mahindra Susten, a renewable independent power producer (IPP), to supply 280 MW (DC) of advanced solar modules in Bikaner, Rajasthan. The contract involves the provision of Waaree Energies Limited’s ELITE Series, N-Type TopCon 580Wp modules, renowned for their efficiency and performance. The modules will be delivered from December 2024 onwards and are designed to support Mahindra Susten’s ambitious renewable energy projects.

Commenting on the partnership, Mr Sunil Rathi, Director – Sales, Waaree Energies Limited, stated, “Partnering with Mahindra Susten is a source of great pride for our company. We believe that this collaboration represents a step forward in advancing India’s clean energy transition. By supplying 280 MW of our ELITE Series modules, we demonstrate our commitment to India’s sustainable energy mission. At the core of our company’s vision is an advocacy for widespread adoption of eco-friendly energy solutions through strategic partnerships. This partnership is expected to showcase not only our technological capabilities, but also our belief in crafting a greener and more energy-efficient future for all. Together, we shall aspire to redefine the landscape of clean energy solutions, fostering innovation and sustainability for generations to come.”

Mr. Deepak Thakur, Managing Director & CEO of Mahindra Susten, expressed his enthusiasm, “We are pleased to announce our second order this financial year with Waaree Energies Limited. This collaboration represents an important move in our commitment to ‘Atmanirbhar Bharat,’ utilising Waaree’s ‘Made-in-India’ products. Both companies are committed to building renewable energy projects. This order further strengthens our partnership and propels Mahindra Susten’s efforts to advance multiple IPP renewable energy projects within its development pipeline, contributing to India’s energy transition.”

Waaree Energies Limited’s ELITE Series modules feature N-Type TopCon technology, providing performance, durability, and a 30-year output performance warranty. We believe that this agreement solidifies Waaree Energies Limited’s reputation for reliability in the solar energy sector and is expected to have an impact on India’s renewable energy landscape, and contribute to advancing the nation towards a greener and more sustainable future.

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.

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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, 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,,,,,, 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 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.

Waaree Energies

Manasi Patni (Corp Comm)

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