Business
Of this, Rs 25 crore has been invested by Centrum Financial Services and the balance by the private equity fund
Updated : Dec 25, 2017, 01:15 AM IST
Solar power player Waaree Energies Ltd has raised Rs 100 crore from Centrum Financial Services Ltd, the non-banking financial company of Centrum Group, and a consortium of investors including a leading international private equity fund.
Sandeep Upadhyay, MD and CEO of Centrum Infrastructure Advisory said, “Waaree Energies is India’s largest domestic solar module manufacturer and the transaction happened a week ago.”
Of this, Rs 25 crore has been invested by Centrum Financial Services and the balance by the private equity fund.
Mumbai-headquartered Waaree Energies manufactures and supplies solar photovoltaic (SPV) modules and provides engineering, procurement and construction solutions for setting up of solar power plants including on-grid, off-grid and rooftop applications.
Waaree has recently forayed into the retail solar product market by appointing franchisees across India. The company has a manufacturing plant in Surat.
Hitesh Doshi, founder, chairman and managing director of Waaree Energies said, “We have grown at a CAGR (compounded annual growth rate) of 35% in the last five years.
We would like to continue this robust growth and plan to utilise the funds for our expansion plans and to explore opportunities across newer segments and markets.”
With government imposing anti-dumping duty on SPV imports, there is an opportunity for domestic manufacturers.
The levy will also help in reducing Chinese imports for the government to meet their target for 2022.
Ministry of New and Renewable Energy (MNRE) has set a target of 100 gigawatt from solar energy by 2022, of which only 16 gw has been installed in India.