Waaree Energies, a Mumbai-based solar panel manufacturing company, announced on Thursday that it has secured around Rs 1,000 crore from various investors, including private investors from the HNI class and private offices.

The funds will be used to increase the company’s manufacturing capacity in India for PV modules from 2 Gigawatts (GW) to 9 GW, with 5 GW now active and the remaining 4 GW projected to be operational by January 2023.

According to the official news release, Waaree Energies also intends to start a backward integration of solar cell production with a capacity of 5.4 GW.

“We are going to increase our production capacity, we increase our offers, and we will create more job opportunities.” “We are passionate about delivering economically feasible and easy-to-implement solutions for our buyers,” said Hitesh Doshi, director, and chief executive officer of Waaree Energies.

Due to the funding, Waaree Energies just withdrew the draft red herring prospectus which has been submitted to SEBI.

Company Intro: Waaree Energies Ltd. is the flagship firm of the Waaree Group, The company was created in 1989 and is based in Mumbai, India. It has the highest Solar PV Module production capacity in India, with a 2 GW capacity, The manufacturing plants are situated in Surat and Umbergaon Gujarat.

Featured Image credit – eqmagpro