Waaree Energies Limited Raises Rs 100 crore From Centrum Financial Services Limited

Centrum Group, controlled by ex-Standard Chartered top leader, Jaspal Bindra, made the investment through its non-banking finance arm.

The integrated solar power solutions company, Waaree Energies Limited raised Rs 100 crore  from Centrum Financial Services Limited for helping the Mumbai-based alternate energy equipments firm’s capacity expansion through a structured financing deal.

Founded in 1989 and headquartered in Mumbai, Waaree has a 500 MW module manufacturing plant at Surat in Gujarat. Waaree manufactures and supplies Solar Photovoltaic modules and provides EPC solutions for setting up of solar power plants including on-grid, off-grid and rooftop applications.
Centrum Group, controlled by ex-Standard Chartered top leader, Jaspal Bindra, made the investment through its non-banking finance arm.

The timing of the deal is very aptly recognized as the India solar market is witnessing a quick growth jump due to the flexibility inclined towards the renewable energy. The cumulative installed solar capacity in India is nearly 16 GW with a target of reaching 100 GW by 2022 set by the central government.

The money infusion has spiked to 47 percent to $920 million in the first 9 months of 2017.

The sector has seen large private equity inflows as well. In flows into wind and solar power sectors have jumped 47 per cent to $920 million during the first nine months of 2017, as per the data compiled by Venture Intelligence, an industry tracker. This is the second-best year in terms of Private equity flows into the sector after 2015, when 14 deals closed with $979 million.

Source: ET Energy World