Solar panel maker Waaree Energies raises $15.6 mn from Centrum Financial, others
Photo Credit: Reuters

Solar power solutions company Waaree Energies Ltd has raised Rs 100 crore ($15.6 million) in structured finance from Centrum Financial Services Ltd, besides a consortium of investors, including a global private equity fund.

While the non-banking financial arm of the Centrum Group has backed the company with Rs 25 crore, the identity of private equity fund was not disclosed.

“We have grown at a CAGR of 35% over the past five years. We would like to continue this robust growth and plan to utilise the funds for our expansion and to explore opportunities across newer segments and markets,” Hitesh Doshi, founder and managing director of Waaree Energies, said in a statement.

Incorporated in 1990, Mumbai-based Waaree Energies was promoted by brothers Hitesh and Viren Doshi, as a manufacturer and supplier solar photovoltaic modules. It provides engineering, procurement and construction solutions for setting up solar power plants including on-grid, off-grid and rooftop applications.

The company’s manufacturing plant at Surat, in Gujarat, has an annual capacity of 500 MW, besides owning 100 MW of solar power assets across Madhya Pradesh and Andhra Pradesh. It has recently forayed into the retail solar product market with franchisees stores across India.

According to Sandeep Upadhayay, managing director, Centrum Infrastructure Advisory Ltd, domestic manufacturers will continue to witness robust growth for the next three to four years with the government trying to promote ‘Make in India’.

“With the advent of anti-dumping duty, which is likely to be imposed in the sector, Chinese influence in this market will reduce and the advantage will actually flow into some of the domestic module manufacturers as well as cell manufacturers in the solar space.”

Mumbai-based investment bank Centrum Infrastructure Advisory Ltd, a subsidiary of Centrum Capital, was the exclusive financial advisor to Waaree Energies for this transaction.

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