Solar panel manufacturer Waaree Energies Ltd., on Thursday, said it raised around Rs 1,000 crore through investor funding.

The company will use the capital to expand its base and increase its manufacturing capabilities in India from 2GW to 9GW for solar panels, expected to be fully functional by January 2023.

Waaree plans for backward integration in the manufacturing of solar cells with a capacity of 5.4 GW.

Hitesh Mehta, Director and CFO, Waaree Energies , said, “We aim to revolutionise the solar manufacturing sector by increasing our manufacturing capacity, expanding our offerings, and ensuring increased employment opportunities. We’ve been confident about creating economically viable and easy-to-adopt solutions for our buyers."

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Owing to the fundraising, the company recently withdrew its Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI).

Supporting the COP 21 climate change goals set for 2030 and carbon neutral goals set for 2070, Waaree is one of the largest exporters of high-wattage solar panels in India, approved by ALMM, i.e., 650WP along with 600WP and 540WP from its manufacturing facilities in Surat, Shree Godijee - Chikhli, Tumb, and Nandigram.

Founded in 1989 by Hitesh Mehta, Waaree Energies recorded a turnover of Rs 2,000 crore in the pandemic-hit market. According to the Ministry of New and Renewable Energy, the company has one of the highest installed capacities of solar panel manufacturers, followed by the likes of Adani, Vikram, etc.