Waaree Energies to infuse ₹2,754 Crore in capex for RE projects

26 Dec 2024 , 11:14 PM

On Monday, December 23, the Board of Waaree Energies Ltd. announced its plans for large capital expenditures across multiple projects.

As per the reports, under the PLI tender issued by MNRE through SECI, Waaree Clean Energy Solutions will spend ₹200 Crore and incur capital expenditure of ₹551 Crore to establish a 300 MW Electrolyser manufacturing unit.

The spending will be funded with a combination of loans and internal accruals. 

Waaree Energy Storage Solutions, a wholly owned subsidiary, would set up a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing unit for ₹2,073 Crore in capital expenditure and ₹650 Crore investment.

The spending will be funded with a combination of loans and internal accruals.

The company invested ₹130 Crore in its inverter business through its wholly owned subsidiary, Waaree Power. Waaree Energies Ltd. will contribute up to ₹40 Crore.

In addition, the firm reported that Arvind Ananthanarayanan, Non-Executive Director of the firm, has resigned from the Board, effective immediately, as stated in his resignation letter dated December 23, 2024, citing other professional responsibilities.

The Board has authorized the nomination of Amit Paithankar, CEO, as an Additional Director of the Company, designated as Whole-Time Director, for five years beginning December 23, 2024.

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