Waaree Energies raises $121 million to lengthen solar manufacturing
Waaree Energies says this will employ the most fresh $121 million equity investment to create 6 GW of solar wafer-to-module manufacturing skill.
Uma Gupta
Image: Waaree Energies
From pv journal India
Waaree Energies Ltd, which has 12 GW of annual manufacturing skill, has secured approximately $121.87 million in a 2nd spherical of equity funding led by ValueQuest, a SEBI-registered portfolio management firm focusing on equity markets. It had beforehand attracted funding from merchants.
The firm will employ the unique investment to feature up 6 GW of wafer-to-module manufacturing skill, which became received throughout the Indian govt’s manufacturing-linked incentive (PLI) plot for solar manufacturing. This equity funding supplements diversified PLI incentives granted by the govt..
Fashioned whisper
Waaree Energies additionally plans to protect out backward integration by setting up 5.4 GW of solar cell manufacturing skill. Over the next two years, the firm objectives to reach 20 GW of PV module skill, 11.4 GW of cells, and 6 GW of wafer manufacturing skill.
The firm – based mostly entirely mostly in Mumbai, India – operates 12 GW of solar panel manufacturing amenities in Gujarat. It additionally offers engineering, procurement, and constructing services and products, develops projects, provides solar rooftop alternate choices, manufactures solar inverters, and produces solar water pumps.
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