Waaree Energies Ltd. to Supply 900 MW of Modules for Solar Power Plant in Rajasthan

Mumbai, July 01, 2024 – Waaree Energies Ltd., 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 the receipt of a contract from Serentica Renewables India Private Limited for a substantial 900 MW module supply deal. The modules will be deployed in a project located in Fatehgarh, Jaisalmer, Rajasthan, India.

This project is expected to be one of the largest solar power plants installed in India with Waaree modules in it, marking a milestone for both companies. The delivery schedule for these Top-Con bifacial modules is set from August 2024 to February 2025. This deal involves the provision of the Waaree Elite Series N Type Topcon BiN-03-680 to 690Wp GTG Bifacial modules.

Mr Sunil Rathi, Director Sales, Waaree Energies Ltd. remarked, “This collaboration with Serentica Renewables is a testament to our pursuit of excellence and innovation in the renewable energy sector. This project, symbolizes our commitment to pioneering advancements in solar technology and contributing to the nation’s transition to clean energy while providing people with jobs. Our elite series modules are expected to contribute to the efficiency, durability and performance of this project. Moreover, our company has been deploying multiple projects in Rajasthan and Gujarat, thereby contributing in the clean energy shift in these states.”

Commenting on the association, Mr. Akshay Hiranandani, CEO Serentica said, “We are happy to partner with Waaree Energies – a market leader in the module manufacturing sector. Their commitment towards quality and reliability makes them the perfect choice for this initiative. Together, we expect the coming months to be marked by product innovation and execution, thereby contributing to India’s energy landscape.”

Waaree Energies Ltd. will oversee the comprehensive manufacturing, testing, packing, and transportation of these solar PV modules, ensuring adherence to the quality standards and timely execution of the project. The deployment of this project is expected to increase region’s renewable energy capacity and contribute to reduction in carbon emissions and promotion of environmental sustainability. As India marches towards its renewable energy targets, initiatives of this scale are expected to play a role in realizing the nation’s vision of a greener 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.

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.