Waaree Energies Ltd Company Summary

Waaree Energies Ltd Summary

Waaree Energies Limited was originally incorporated as Anmol Fluid Connectors Private Limited at Mumbai on December 18, 1990, issued by the RoC. Thereafter, name of Company changed to Waaree Solar Private Limited on April 25, 2007 and later on the name was further changed to Waaree Energies Private Limited, pursuant to Certificate of Incorporation on December 12, 2007. Accordingly, the Company converted into a Public Company on March 8, 2013, and consequently, the name was changed to Waaree Energies Limited, pursuant to a fresh Certificate of Incorporation issued by the RoC on May 2, 2013. The Company is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW. Presently, it is engaged in manufacture of Solar Photo-voltaic Modules, setting up of Projects in solar space and sale of electricity. The Company operated five manufacturing facilities in India spread over an area of 143.01 acres. It operate one factory each located at Surat, Tumb; Nandigram, Chikhli in Gujarat, India and the IndoSolar Facility, in Noida, Uttar Pradesh.The solar PV modules are currently manufactured using multicrystalline cell technology, monocrystalline cell technology and emerging technologies such as Tunnel Oxide Passivated Contact (TopCon) which helps reduce energy loss and enhances overall efficiency. In 2007, the Company got into the business in manufacturing line of solar energy with an operational capacity of 30 MW module. In 2014, it formed a joint venture with North Eastern Electric Power Corporation Limited (NEEPCO) for implementation of solar power project in Sehore, Madhya Pradesh. In 2017, it acquired 40% shares in Waaneep Solar Private Limited from NEEPCO and accordingly, Waaneep Solar Private Limited became the wholly owned subsidiary of the Company.In 2018, it commissioned solar photovoltaic modules plant having capacity of 1,000MW. It got into a Share Purchase Agreement for sale of investments in the wholly-owned subsidiary, Waaneep Solar Private Limited. In March, 2021, the Company acquired 500 MW Solar Module manufacturing facility which took the total installed capacity to 2GW. The Company initiated construction activities for a solar cell manufacturing unit in 2022. It increased capacity to 12GW in 2023 and has further increased 13.3 GW capacity with the commissioning of 1.3 GW of module manufacturing facility at Indosolar Limiteds Noida facility in 2024. In October 2024, the Company has come out with an Initial Public Offering of 28,752,095 Equity Shares by raising funds aggregating to Rs. 4321 Crore, comprising a Fresh Issue of 23,952,095 Equity Shares aggregating to Rs 3600 Crore and 48,00,000 Equity Shares Offer for Sale aggregating to Rs. 721 Crore.