• June 11, 2024

Waaree Energies Limited Supplies 68 MW of Solar Modules for Mahagenco Project by Gensol Engineering Ltd.

Mumbai, 11th June 2024: Waaree Energies Limited, India’s largest manufacturer of solar PV modules with an installed capacity of 12 GW, as of June 30, 2023 (Source: CRISIL Report), announces the successful delivery of 68 MW of its Bi-55 bifacial dual glass framed modules to Gensol Engineering Limited. These modules, delivered in March 2024, are currently being commissioned for the Mahagenco solar PV project.

The deployment of Waaree’s bifacial modules is expected to enhance the Mahagenco project’s energy output, and contribute to the region’s renewable energy capacity. We believe that these modules, with their advanced technology and design, ensure long-term durability and enhanced performance, making them ideal for large-scale solar projects.

Mr. Hitesh Chimanlal Doshi, Chairman & Managing Director of Waaree Energies Limited, expressed his enthusiasm for this strategic partnership, stating, “We are elated to collaborate with Gensol Engineering Limited on the solar PV project. As India progresses towards its ambitious renewable energy targets, we believe that projects like Mahagenco, powered by Waaree’s solar solutions, are significant in achieving the nation’s vision of a greener future. This initiative is expected to not only reduce carbon emissions but also aid in fostering economic growth and creating employment opportunities in the renewable energy sector.”

This order underscores Waaree Energies’ commitment to contribute towards advancing India’s renewable energy sector with its solar solutions. The Bi-55 modules, known for their quality and energy efficiency, are expected to play a pivotal role in the commissioning of the Mahagenco project.

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


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.

Waaree Energies
Manasi Patni (Corp Communications)
Mob: +919833926435
Email: manasipatni@waaree.com

Adfactors PR
Brinda Mehta
Mob: +91 98204 91758
Abhishek Dutta
Mob: +91 7044342299
Email: abhishek.dutta@adfactorspr.com

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