Private Equity

PE Fund Investments

Solar panels maker Waaree Energies raises Rs.1,000-Cr

Mint  

Mumbai-headquartered solar panel manufacturer Waaree Energies Ltd has raised nearly INR 1,000 crore. Around 90% of the investment has been raised from external investors (including high net-worth individuals and family offices) and 10% from the promoters. The new funds will be used to ramp up solar module production from 5 gigawatt (GW) to 9 GW by March 2023. The company is also planning to start manufacturing solar cells by September 2023. Waaree has acquired 100 acres to set up a new facility at Chikhli in Navsari district, Gujarat. The plant will have a production capacity of 7 GW of solar modules, and 5.4 GW of solar cell . Waaree will also explore options to raise debt to fund its expansion plans.

From the Venture Intelligence PE-VC Deal Database: In Jan-17, Warree had raised INR 100 crore from Centrum Group and a South-East-Asia-based private equity fund.