Waaree Energies Limited has raised around Rs 10 billion from high net-worth individuals and family offices to expand production capacity for solar modules and foray into solar cell manufacturing.
The funds will be used to ramp up solar module production from 5 GW to 9 GW by March 2023. It is also planning to start manufacturing of 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 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.