Waaree Energies Enters Discussions for Potential QIP Placement with Investment Banks

Waaree Energies Set to Raise Rs 10,000 Crore Through QIP

Waaree Energies, India's largest solar panel maker, has initiated talks with investment banks to appoint them for its first qualified institutional placement (QIP) fundraising after its public listing in 2024. According to sources familiar with the development, the company's board approved a fundraising plan of Rs 10,000 crore on April 29, to be raised through one or more QIP or through other routes.

The proposed QIP deal is still some time away, as Waaree needs to obtain approval from its shareholders for the fundraising plan, a process that can take around a month's time. Once approved, the resolution will be valid for the next twelve months. The company expects to appoint investment banks in the coming weeks, and the launch timelines will depend on market conditions.

Waaree's management has outlined an aggressive multi-year expansion and backward integration strategy, which includes deploying around Rs 30,000 crore across the energy transition value chain over the next two years. The proposed fundraising of up to Rs 10,000 crore is intended to support this broader platform expansion, including deeper backward integration, localisation of components, expansion into adjacent businesses, and strengthening supply-chain security.

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The company's plans include a Rs 6,200 crore capex for a 10 GW ingot-wafer facility at Nagpur, a Rs 3,900 crore capex for a 2,500 tonnes-per-day solar PV glass manufacturing facility, and a Rs 10,000 crore investment to build a 20 GWh battery manufacturing ecosystem. Waaree is also acquiring around 55 percent stake in Associated Power Structures for about Rs 1,225 crore, marking its entry into transmission and distribution infrastructure.