Solar panel maker, Waaree Energies Ltd. has raised ₹1,000 crore from private investors that included high-net-worth individuals (HNIs) through primary funding. The promoters of the company also participated in the equity raise at the same valuation, the company informed the investors without divulging the details about the stake being offered.

Set up in 2007-08, the company has solar panel (photovoltaic) module manufacturing capacity of 2,000 megawatts (MW) located across three locations in Valsad and Surat districts, while there is an addition of 7,000 MW of capacity at the greenfield facility at Chikhli in Navsari district. The company already has a 5,000 MW capacity operational, while an additional 4,000 MW will come up by early 2023.

"The proceeds from the fund raising will be utilised to expand the manufacturing capacity. We are also implementing backward integration by foraying into solar cell manufacturing. We will start with 5,400 MW of solar cell manufacturing capacity," said Hitesh Mehta, Director and CFO, Waaree Energies.

The company currently has an orderbook of ₹25,000 crore, which it looks to execute over the next 24–30 months. The company has recorded revenues of ₹2,850 crore for the fiscal year 2022, while it aims at multiple times growth in the current fiscal after the expanded capacity comes on stream.

Waaree is committed to its growth and expansion plans in the renewable energy industry and also committed to supporting the Prime Minister’s vision to achieve most of the COP21 climate change goals set for 2030 and carbon neutral goals set for 2070, said Mehta.

Notably, Waaree Energies has recently withdrawn the draft papers filed with SEBI owing to the fundraise.

"We have been bullish about creating economically viable and easy-to-adopt solutions for our buyers. Our mission has always been to provide practical solutions to augment performance and be the frontrunners of the solar revolution globally,” he said.

Waaree recently emerged as the largest exporter of solar panels. It is the lone manufacturer in India, approved by ALMM, of high-wattage panels, i.e., 650 watt peak (WP), along with 600 WP and 540 WP, from its manufacturing facilities in Surat. The company also provides EPC services, project development, rooftop solutions, and solar water pumps, with a presence across 388+ locations nationally and in 19 countries globally.