Waaree Energies Limited to supply 445 MW Solar Modules to Statkraft India

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Mumbai, 23rd May: Waaree Energies Limited, India’s largest manufacturer of solar PV modules with the largest aggregate installed capacity of 12 GW, as of June 30, 2023 (Source: CRISIL Report), is set to illuminate single-location solar projects in Bikaner, Rajasthan, with a supply of 445 MW of its 540/545Wp dual glass bifacial modules. Scheduled for delivery between May and August 2024, this contract highlights Waaree Energies’ vision to contribute towards revolutionizing India’s renewable energy landscape, meeting its growing power demand, and to support the nation’s transition towards its net zero goals.

Waaree Energies Limited to supply 445 MW Solar Modules to Statkraft India

Mr. Hitesh Doshi, Chairman & Managing Director of Waaree Energies Limited, expressed his vision for this undertaking, stating, “This partnership with Statkraft India represents a pivotal step in our collective mission to contribute in India’s renewable energy transformation. By harnessing the power of solar energy and leveraging our technology, we are not only illuminating households but also striving to contribute towards economic growth and generating employment opportunities in the region. This project shows our dedication to advancing domestic manufacturing, empowering communities, and aiding India to move towards a sustainable future.”

The deployment of Waaree’s bifacial solar modules is expected to amplify the region’s renewable energy capacity. Further, it is expected to contribute towards reducing carbon emissions and in promoting environmental sustainability. As India marches towards its renewable energy targets, we hope that such initiatives will play a role in realizing the nation’s vision of a greener future.

About Waaree Energies Ltd.
Waaree Energies Limited (“WEL”) was founded in 1990. It is India’s largest manufacturer of solar PV modules with the largest aggregate installed capacity of 12 GW, as of June 30, 2023 (Source: CRISIL Report). WEL commenced operations in 2007 focusing on solar PV module manufacturing with an aim to provide quality, cost-effective sustainable energy solutions across markets, and aid in reducing carbon foot-print paving the way for sustainable energy thereby improving quality of life. WEL has four solar module manufacturing facilities in India, with international presence.

For more information, please visit waaree.com

Waaree Energies Limited (the “Company”) is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the websites of the Company at www.waaree.com, SEBI at www.sebi.gov.in, the book running lead managers Axis Capital Limited, IIFL Securities Limited, Intensive Fiscal Services Private Limited, ITI Capital Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Markets Limited, at www.axiscapital.co.in, www.iiflcap.com, www.intensivefiscal.com, www.iticapital.in, www.jefferies.com, www.nomuraholdings.com/company/group/asia/india/index.html, and www.sbicaps.com respectively, of the National Stock Exchange of India Limited at www.nseindia.com and of the BSE Limited at www.bseindia.com, respectively. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the RHP which may be filed with the Registrar of Companies, Maharashtra at Mumbai, in future including the section titled “Risk Factors”. Potential investors should not rely on the DRHP filed with SEBI in making any investment decision.

This press release does not constitute an invitation or offer of securities for sale in any jurisdiction. The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws in the United States, and unless so registered may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, such Equity Shares are being offered and sold (i) outside of the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur; and (ii) within the United States to “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act), pursuant to Section 4(a)(2) of the U.S. Securities Act. There will be no offering of securities in the United States.

About Statkraft India
Statkraft is a leading company in hydropower internationally and is one of Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has more than 6,000 employees in over 20 countries. Statkraft has been present in India since 2004 and the company now owns a production capacity of 215 MW with an annual generation of around 1310 GWh.

Source: www.waaree.com