Waaree closes US$121 million for 6GW integrated capacity expansion

Facebook
Twitter
LinkedIn
Reddit
Email
An Indian production facility from fellow manufacturer Goldi Solar. Image: Goldi Solar

Indian solar manufacturer Waaree Energies will expand its ingot, wafer, cell and module production capacity by 6GW following a second round equity funding raise of around INR10 billion (US$121 million).

The funding was led by Indian-headquartered investment firm ValueQuest and follows the INR19.23 billion awarded to Waaree under the Indian government’s production-linked incentive (PLI) scheme in March, for which the company received the maximum 6GW of wafer, cell and module capacity that was available.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

With this funding, the company continues to ramp up its production capacity after announcing last year a module manufacturing expansion to 12GW per year that was set operational in March 2023.

The second round of the PLI awarded just under 40GW of domestic Indian solar manufacturing capacity – noticeably short of its initial 65GW target – and a report from industry analyst JMK Research in April forecasted that India would reach 110GW of nameplate PV module capacity by 2026.  

“This funding, we believe will assist in our growth, expand our market presence, and drive positive change in the renewable energy transition,” said Hitesh Doshi, chairman and MD at Waaree Energies.

Fellow Indian solar manufacturer Adani recently raised US$349 million for a 10GW fully integrated production capacity expansion. The announcements for domestic capacity are promising for India’s market following the supply issues that followed the implementation of the basic customs duty (BCD) and approved list of models and manufacturers (ALMM) policies, which impose tariffs on solar imports and limit the companies and products that can operate in India.

The government had to relax its ALMM policy for two years in February this year as procurement issues continued, and experts have said that the shortages are set to last until the end of this year, with more capacity expected to begin coming online in 2024.

PV Tech contacted Waaree for confirmation of the cell technologies that will be produced under the new capacity.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

September 17, 2025
US renewables developer Longroad Energy has reached financial close for its 400MW 1000 Mile solar project in the US state of Texas.
September 17, 2025
Spanish renewables developer and operator Acciona Energía has commissioned its 412MWp Juna solar PV plant in Kawani village in the western state of Rajasthan. 
September 17, 2025
Nexamp has secured US$350 million through a long-term financing facility to expand its 6GW utility-scale solar and battery storage pipeline in the US. 
September 17, 2025
Chinese module producer DAS Solar is planning a 5GW manufacturing facility focused on producing high-efficiency back contact cells.
September 17, 2025
QatarEnergy has signed an EPC agreement with Samsung C&T for its 2GW Dukhan project. 
Premium
September 17, 2025
PV CellTech: Martin Pochtaruk, CEO of North American solar module manufacturer Heliene, says US producers must learn to survive without tax incentives.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA