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Waaree Energies Limited secures 400 MW Solar Module Supply Contract from GIPCL Mumbai, 29th April: 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), proudly announces the reception of a Letter of Intent (LOI) from Gujarat Industries Power Company Limited (GIPCL) for a 400 MW module supply deal. The contract entails the comprehensive supply of solar PV modules incorporating advanced bifacial technology for the 2,375 MW RE Park near Vill. Khavda, Great Rann of Kutch, Gujarat.

Waaree Energies Limited, will undertake the manufacturing, testing, packing, and transportation of these solar PV modules, while adhering to the prescribed quality standards and an aim to execute the project in a timely manner. Each module, featuring ALMM category specifications and a capacity ranging from 540 Wp to 570 Wp, is expected to ensure optimal performance, durability, and efficiency.

Mr. Hitesh Chimanlal Doshi, Chairman & Managing Director, Waaree Energies Limited, commented, "We are honoured to collaborate with GIPCL on this project, marking a milestone in India's renewable energy journey, this initiative underscores our commitment to promote domestic manufacturing, generate employment, and support the nation's ambitious renewable energy targets while aiming to uphold the standards of excellence."

The procurement of 400 MWp bifacial solar PV modules, accompanied by mandatory spares of 0.5% (2 MW), underscores the reliability of Waaree Energies' offerings. Further, this collaboration is expected to strengthen Waaree Energies' foothold in the renewable energy sector in India and aid in its commitment to contribute to the advancement of India's energy security and environmental sustainability goals.

About WAAREE Energies Limited

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. As of June 30, 2023, WEL operated four solar module manufacturing facilities in India, with international presence.

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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 red herring prospectus 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.

Waaree Energies

Manasi Patni (Corp Comm)

Mob: +919833926435


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Abhishek Dutta

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