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

Mumbai-based green energy company Waaree Energies has raised INR 1,000 crore in a funding round led by ValueQuest. The funds will be used for manufacturing solar ingots and wafers, cells and modules, aimed at adding 6 gigawatts (GW) to the existing capacity of 12 GW. This equity investment supplements the PLI Tranche II of INR 1,923 crore awarded by the government. Waaree Energies has solar panel manufacturing plants in Chikhli, Surat, and Umbergaon in Gujarat and has a presence in engineering procurement and construction (EPC) services, project development, solar rooftop solutions, solar inverter, and solar water pumps.