Waaree Energies raises Rs 1,000 cr from investors; to expand capacity to 9 GW: CMD Hitesh Doshi
Domestic solar module manufacturer Waaree Energies has raised around Rs 1,000 crore from private investors, its CMD Hitesh Doshi said on Thursday.
In a telephonic interaction, Doshi said the proceeds will be used to expand the company’s manufacturing capacity for photovoltaic (PV) modules in India to 9 GW from 5 GW capacity operational at present. The balance 4 GW is expected to be operational by January 2023, the CMD told PTI. He further added that a manufacturing unit of solar cells with a capacity of 5.4 GW will also be set up at the company’s module producing site at Chikli, in Gujarat. “Waaree has raised around Rs 1,000 crore from various investors through primary funding. The funding is raised through private investors from the HNI (high net-worth individuals) segment and private offices,” Doshi said.
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Doshi further said his company has plans of participating in the Production-Linked Incentive (PLI) Scheme for manufacturing solar PV modules. On September 21, the Union Cabinet approved a Rs 19,500-crore PLI scheme on ‘national programme on high efficiency solar PV modules’ with an aim to attract Rs 94,000 crore investment in the sector. One of the benefits expected from the PLI scheme is that about 65,000 MW per annum manufacturing capacity of fully and partially integrated solar PV modules would be installed.
Waaree Energies Ltd is India’s leading solar PV panel manufacturer. It also provides Engineering, Procurement & Construction (EPC) services, project development, rooftop solutions, and solar water pumps.