Waaree Energies raises Rs 1,000 crore in ValueQuest-led funding round

Waaree Energies raises Rs 1,000 crore in ValueQuest-led funding round

Green energy company Waaree Energies has raised Rs 1,000 crore in a funding round led by investment firm ValueQuest.

In an earlier round, it had raised around Rs 1,040 crore from a clutch of investors including family offices, high networth individuals (HNIs) etc, the company said in a statement.

"Waaree Energies Limited (WEL) has raised a second round of equity funding, amounting to about Rs 1,000 crore. The investment round was led by ValueQuest, an investment firm," it said.

The latest funding will be utilized for 6 gigawatt (GW) of capacity expansion, in addition to the existing capacity of 12 GW. The additional funding is intended for manufacturing of solar ingots and wafers, cells and modules. This equity investment is in addition to the PLI Tranche II of Rs 1,923 crore awarded by the government.

Waaree Energies is the flagship company of Waaree Group. It has solar panel manufacturing capacity of 12 GW at its plants in Chikhli, Surat and Umbergaon in Gujarat and has presence in engineering procurement and construction (EPC) services, project development, solar rooftop solutions, solar inverter, and solar water pumps. It is also an independent power producer (IPP).