Waaree Energies Ltd IPO

Waaree Energies is one of the major players in the solar energy industry focused on PV module manufacturing, with an aggregate installed capacity of 2 GW. Its vision is s to provide quality, cost-effective sustainable energy solutions across markets, and aid in reducing carbon foot-print paving way for sustainable energy. The company currently operates three manufacturing facilities comprising four factories in India at Surat, Tumb and Nandigram.
It is also in the process of setting up another manufacturing facility at Chikhli (“Chikhli Facility”) in Gujarat, India where its implementing capacity expansion plans for PV modules as well as setting up of facilities for backward integration into solar cell manufacturing. The addition of 3 GW PV module manufacturing capacity to the existing 2 GW capacity, is expected to be operational by the end of FY22, and the 4 GW solar cell manufacturing capacity is expected to be operational by the end of FY23.
Its expansion strategy includes executing regular capacity additions, as well as continuous upgradation 166 of its manufacturing technology and processes driven by demand with a focus on incorporating Mono PERC and large sized silicon wafers technology as well as other new emerging technologies.
Some of the key clients or customers in the domestic utility and enterprise segment include ReNew Power, ACME, Hero Solar, Mahindra Susten, Essel Infra, AMP Energy, Sukhbir Agro Energy, Solarworld Energy, Rays Power Infra. On a global stage customers come from across geographies, including customers in the United States, Canada, Italy, Turkey and Vietnam. Key international clients include Central 40 and Novel Energy.