ValueQuest Leads Funding For Indian Module Maker

• Waaree Energies has raised INR 10 billion in an equity funding round, led by ValueQuest 
• Proceeds will be invested in adding 6 GW of solar ingots, wafers, cells and modules capacity  
• It is in addition to the company's PLI win of INR 19.23 billion for its 6 GW plans

Indian solar module manufacturer Waaree Energies Ltd (WEL) is further expanding its annual production capacity by 6 GW from the 12 GW it touts now. Making this possible is equity funding worth INR 10 billion ($121 million) in a round led by the investment firm ValueQuest.  

The INR 10 billion funding will be used by the manufacturer to add another 6 GW to its vertically integrated manufacturing portfolio to produce solar ingots, wafers, cells and modules.  

One of the winners of the Indian government's Production Linked Incentive (PLI) Scheme, Waaree secured INR 19.23 billion ($232.3 million) to support 3 GW out of 6 GW wafer-cell-module production plans. The equity investment is in addition to this win, it added (see India Allocates 39.6 GW PV Under PLI Tranche-II).    

Waaree operates its existing manufacturing plants in Chikhli, Surat and Umbergaon of Gujarat with 12 GW combined capacity that was increased from 9 GW (see Waaree Aiming For 12 GW Module Manufacturing Capacity).   

This follows the October 2022 funding of INR 10 billion that the company raised through private funders when it announced venturing into cell production with 5.4 GW capacity. It was also reported to be planning a 2 GW solar fab in the US, to be expanded to 5 GW (see Indian Solar Module Maker Raises INR 10 Billion Funding).