Indian solar module manufacturer Waaree Energies Limited has raised INR 10 billion ($122 million) through private funders, including private offices, to support its production expansion plans of 9 GW for solar modules and enter into cell production with 5.4 GW target.

The company has not revealed the names of investors and only refers to them as high net worth (HNI) individuals and private offices.

As part of its plans to raise its solar module manufacturing capacity from 2 GW to 9 GW, it has already realized 5 GW target. Remaining 4 GW is likely to enter commercial operations by January 2023.

To bring in backward integration in its portfolio, it plans to bring online 5.4 GW cell manufacturing. In May 2022, it purchased Indian solar cell producer Indosolar with an aim to expand its planned cell production capacity from 4 GW to 5.4 GW. Meanwhile it has also placed 1 GW annual cell supply order with CubicPV (see Waaree Energies To Acquire Solar Cell Maker).

“In our efforts to revolutionize the solar manufacturing sector, we aim to further our manufacturing capacity and expand our offerings and ensure increased employment opportunities,” said Director and CFO of Waaree Energies, Hitesh Mehta.

The official statement from the company also said that owing to the fund raise, it has withdrawn the Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) to expand its production capacity (see Indian PV Manufacturer To Go Public).

Recently, a Bloomberg Tax report claimed the company plans to set up a 2 GW solar module capacity in the US to benefit from the incentives promised in the Inflation Reduction Act (IRA), and is in talks with local state governments to finalize a site. It may also be expanded to 5 GW annually.