Waaree Energies' 52.6MW Solar Project Wins EPC Deal

• Waaree Energies Ltd. has been awarded an LOI for the construction of a 52.6MW photovoltaic project in India. EPC services to be completed before 2023/2024 fiscal year. Waaree Energies recently raised INR 10 billion to support 6GW capacity expansion. Company has 12GW in India producing solar ingots, wafers, cells, and modules.

Waaree Renewable Technologies Ltd., a unit of India-based solar panel maker Waaree Energies Ltd., has been awarded a Letter of Intent (LOI) for the construction of a 52.6-MWp photovoltaic (PV) project in India. The EPC services for the project will be completed before the end of the 2023/2024 fiscal year. Waaree Energies Ltd. recently raised around INR 10 billion (USD 120.6m/EUR 112.2m) in an equity funding round to support its 6-GW capacity expansion. The company currently has 12 GW of factories in India where it produces solar ingots and wafers, cells, and modules.

What Is the Impact of Waaree Energies Ltd's Equity Funding Round on its 52.6-MWp PV Project?

• Waaree Renewable Technologies Ltd.’s award of a Letter of Intent (LOI) for a 52.6-MWp photovoltaic (PV) project will enable the Indian solar panel maker to continue its 6-GW capacity expansion.
• The EPC services for the project are expected to be completed by the end of the 2023/2024 fiscal year.
• Waaree Energies Ltd. recently raised around INR 10 billion (USD 120.6m/EUR 112.2m) in an equity funding round to support its 6-GW capacity expansion.
• The infusion of equity has enabled Waaree Energies Ltd. to invest in additional factories in India that produce solar ingots and wafers, cells, and modules, thus allowing the company to increase its capacity to 12 GW.
• The equity funding round will help Waaree Energies Ltd. to finance the construction of the 52.6-MWp PV project, ensuring that the project is completed on time and within budget.
• The successful completion of the project is expected to have a positive impact on Waaree Energies Ltd.’s production capacity and enable the company to meet its 6-GW capacity expansion goals.