Manufacturer of solar panels Waaree Energies reported raising nearly Rs 1,000 crore in a second round of equity finance sponsored by investment firm ValueQuest. The cash will be used to add another 6 GW of capacity expansion to the existing 12 GW, according to the official press release.
"The extra 6 GW capacity will be used to produce solar ingots, wafers, cells, and modules. In addition to the PLI Tranche II award of Rs 1,923 crore from the Central government, this equity investment was made, it was said.
The company also intends to implement backward integration in the production of solar cells with a 5.4 GW capacity. It will be able to produce 20 GW of modules, 11.4 GW of cells, and 6 GW of wafers during the next two years.
"We believe that this money will help us grow, increase our market share, and promote positive change in the shift to renewable energy. Hitesh Doshi, Chairman & Managing Director at Waaree Energies, stated, "We appreciate the continuous support from ValueQuest. Waaree Energies had previously raised an initial round of funding for around Rs 1,040 crore from a variety of investors, including as family offices.
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