Indian solar panel maker Waaree Energies Ltd has raised around INR 10 billion (USD 120.8m/EUR 109.8m) in an equity funding round to support its 6-GW capacity expansion plan, it said on Monday.
The manufacturer already has 12 GW of factories in Chikhli, Surat and Umbergaon in the state of Gujarat. With the fresh capital, it intends to further expand its production capabilities for solar ingots and wafers, cells, and modules.
Waaree Energies has secured the funds from a second equity round led by Mumbai-based investment firm ValueQuest. The investment follows a primary round in October 2022 in which the PV manufacturer raised around INR 10.4 billion from family offices and high net-worth individuals.
"This funding, we believe will assist in our growth, expand our market presence, and drive positive change in the renewable energy transition," said Hitesh Doshi, chairman and managing director of Waaree Energies.
Apart from solar manufacturing, Waaree Energies is an independent power producer (IPP) and is also active in solar project development and delivers engineering procurement and construction (EPC) services.
(INR 10 = USD 0.121/EUR 0.110)
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