Thursday 19 May 2022

WAAREE Energies bags new orders worth USD 2.37 billion


India’s Leading Solar Panel Manufacturer has secured new orders aggregating USD 2.37 billion from Indian and International customers

19th May 2022, Kolkata: Waaree Energies Limited, one of the major players in the solar energy industry in India focused on photo-voltaic (PV) module manufacturing has bagged new orders worth USD 2.37 billion from India and International markets to supply high efficiency bifacial solar panels of 540Wp and 600Wp. These panels will be produced in Waaree's manufacturing facility using M10 and M12 cells.

Waaree currently has a 4 GW PV module manufacturing capacity and plans to add another 5 GW by Dec 2022. 4 GW solar cell manufacturing capacity is expected to be operational by March 2023.

Mr. Hitesh Doshi, Chairman & Managing Director, Waaree Energies Limited stated, “These orders are consistent with Indian government's vision of Atmanirbhar Bharat, and will bring in more than USD 2 billion in foreign exchange while creating hundreds of job opportunities. These orders will enable us in strengthening our market position as we diversify our clientele and expand into newer markets. It is a matter of great pleasure for the entire Waaree family that customers globally continue to acknowledge and accept the constant endeavors to provide high quality and high efficiency Solar PV Modules.”

Solar modules manufactured by Waaree and confirming to global standards have been delivered to 19 countries. Waaree Energies has also consistently received “Tier-1 PV module manufacturer” rating from the Bloomberg New Energy Finance (BNEF) in 2018, 2019, 2020 and 2021. WAAREE has been recognized as "India's Best Brand" in the solar industry, by The Economic Times. PVEL, a globally recognized Lab in photovoltaic testing, has recently recognized Waaree as Top Performers in its 2022 Scorecard. 

About Waaree Energies

Waaree Energies is one of the major players in the solar energy industry in India focused on PV module manufacturing.. The company currently operates four manufacturing facilities comprising of five factories in India at Surat, Chikhli, Tumb and Nandigram. The company over the years has developed a track record of manufacturing high quality and technologically advanced PV modules. As of June 30, 2021, the company had 388 franchisees in 25 states and two Union Territories across India. 

Disclaimer: Waaree Energies Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, Axis Capital Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited and Intensive Fiscal Services Private Limited at www.axiscapital.co.inhttps://www.business.hsbc.co.in/en-gb/in/generic/ipo-open-offer-and-buybackwww.icicisecurities.com and www.intensivefiscal.com, respectively, and the websites of the stock exchange(s) at www.nseindia.com and www.bseindia.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the red herring prospectus, when available. Potential investors should not rely on the DRHP for any investment decision.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act or any other applicable law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (i) within the United States only to persons believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act, and (ii) outside the United States in offshore transactions in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made.

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