Press Release

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Mumbai, 28th March, 2024:

Waaree Energies Limited ("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), today announced that it has joined hands with the franchise cricket team Delhi Capitals as an Associate Sponsor, ahead of the upcoming 17th edition of the Indian Premier League (IPL). Through this sponsorship agreement, the Company aims to leverage the popularity and reach of the much-awaited cricketing event to amplify awareness of solar energy solutions among a diverse and widespread audience, while intending to enhance its footprint in markets across India. This association is expected to enable the Company to build on the momentum created by the Honorable Prime Minister’s support for solar modules installation across the country under the aegis of the PM Suryodaya Yojana.

Commenting on the sponsorship, Mr. Hitesh Chimanalal Doshi, Chairman and Managing Director, Waaree Group, said “It is a pleasure for us at Waaree Energies Limited to be associated with Delhi Capitals, one of the popular franchise cricket teams in the country, with a young and talented line-up led by Rishabh Pant. IPL 2024 is expected to be watched avidly by millions of fans, in stadiums and on television, and tapping into this fervor is expected to enable us to effectively reach a broader consumer base. Through educating audiences about solar energy adoption and promoting our quality certified PV modules, we aim to drive business growth and give an impetus to the nation’s clean energy transition.”

Mr. Nilesh Malani, Chief Marketing Officer, Waaree Group, said “IPL 2024 is expected to capture the attention of millions of cricket-lovers across the length and breadth of India. Waaree Energies Limited’s association with Delhi Capitals is therefore expected to expand our ability to engage with a vast and diverse audience – which in turn may enhance consumer awareness of the benefits of solar energy adoption, as well as of the reliability and efficacy of our own solar solutions. We look forward to and expect to harness the passion for cricket to further India’s renewable energy revolution.”

Mr. Sukhvinder Singh, Interim CEO of Delhi Capitals said, "We are thrilled to announce our partnership with Waaree Energies Limited as an Associate Sponsor for IPL 2024. Delhi Capitals is not just about cricket; it's about fostering meaningful collaborations that resonate with our values and aspirations. With Waaree Energies Limited, one of the leading players in the renewable energy sector, joining forces with us, we are not only gearing up for an exciting cricket season but also expect the collaboration to promote sustainability and clean energy adoption.”

IPL 2024 is scheduled to commence on March 22nd 2024, and is expected to conclude on May 26th 2024, with Delhi Capitals joining nine other teams competing for the coveted IPL trophy. The brand logo will be positioned on the non-lead trouser of the team’s jersey.

About WAAREE Energies Limited

WAAREE Energies Limited, the flagship company of the WAAREE Group, was founded in 1990. It is India’s largest solar PV module manufacturer with an aggregate installed capacity of 12 GW, as of June 30, 2023.

WAAREE has four solar module manufacturing facilities and has 250 plus franchisee networks nationally and as of June 30, 2023, its products were distributed to around 20 countries internationally.

Leveraging its expertise in manufacturing high quality solar modules and substantial experience in the solar industry, Waaree Energies Limited provides EPC solutions as a contractor. Its EPC solutions include setting up of ground mount, rooftop and floating solar projects across its network in association with other Indian and international partners. It has over 10 years of experience as an EPC contractor with a track record of 1.1 GW of projects commissioned, including over 178 rooftop projects commissioned, as of June 30, 2023. WAAREE has consistently received a tier-1 PV module maker rating from the Bloomberg New Energy Finance for all years between Fiscal 2018 and Fiscal 2023. Its manufacturing facilities include laboratory accredited by National Accreditation Board for Testing and Calibration Laboratories.

Waaree Energies Limited 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.

Waaree Energies Limited has been rated as one of the top performers in PVEL’s 2022 PV Module Reliability Scorecard. Company has recently received PLI from the government of India and the Company is setting up additional 6GW facility for ingot-wafer, solar cells and solar module manufacturing.


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, SEBI at, the book running lead managers Axis Capital Limited, IIFL Securities Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited, and ITI Capital Limited, at,,,,,, and, respectively, of the National Stock Exchange of India Limited at and of the BSE Limited at, 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.


The Delhi Capitals team participates in both, the Indian Premier League (IPL) and the Women's Premier League (WPL). Co-owned by the GMR Group and the JSW Group, Delhi Capitals was established in 2008 as Delhi Daredevils before embracing a new avatar in 2019. In 2020, the team reached its first ever final. In 2023, Delhi Capitals became one of the five founding teams to participate in the Women’s Premier League. The team reached the final in the inaugural edition of the Women’s Premier League.

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Waaree Energies

Manasi Patni

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