Press Release

Waaree Energies Limited obtains BIS Certification for TopCon Modules

21, February 2023: Waaree Energies Limited (the “Company”), 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), [has the obtained from the Bureau of Indian Standards (BIS) certification for Topcon Modules, specifically glass to back sheet, with a of up to 625Wp. The certification falls under the category of "Crystalline Silicon Terrestrial Photovoltaic (PV) Modules (Si wafer based)."

This certification positions the Company at the forefront of innovation in manufacturing of solar [power solutions]. With an adherence to stringent quality standards, the Company aims to deliver highly reliable solar solutions incorporating latest available technologies. The BIS certification can serve as a differentiator in an increasingly competitive global renewable energy landscape, substantiating the credibility to the Company’s products, and help in enhancing the Company’s standing across domestic and global solar [power solutions] markets.

Commenting on this achievement, Mr. Hitesh Chimanlal Doshi, Chairman and Managing Director at Waaree Energies Limited said: "Securing the BIS certification for our TopCon modules is a momentous accomplishment for us at Waaree. It reflects our commitment to pioneering solar innovation and setting new benchmarks in the industry. We believe that this certification can bolster Waaree’s contribution in driving the clean energy transition, in India and across the globe. We are excited by the possibilities that this opens up in terms of enhancing our capabilities to deliver sustainable energy solutions."

About Waaree Energies Ltd

Waaree Energies, the flagship company of the Waaree Group, was founded in 1989. It is one of the largest vertically integrated new energy solution providers and is India’s largest solar module manufacturer with a capacity of 12 GW per year as of June 30, 2023. With a legacy of over 33 years, Waaree Energies is a leader in providing one-stop solar solutions. Waaree has four state-of-the-art solar module manufacturing facilities with international presence. Making the earth a better place, every day. For more information, visit Waaree.com.

Waaree Energies Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, a public issue of its equity shares in the near future and is in the process of filing a draft red herring prospectus with the Securities and Exchange Board of India. This announcement is not an offer for sale of securities in the United States. The equity shares of the Company may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States.

For further information, please contact:

 Disclaimer:

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) of the U.S. Securities Act. There will be no offering of securities in the United States.