Press Release

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Mumbai, 01st April 2024: Waaree Energies Limited (“Waaree”) announced signing a contract with Sprng Energy Private Limited, a Shell group company, to supply 220MW of solar PV modules. The association entails Waaree Energies Limited supplying 220MW of AHNAY Series, Bi-55 545Wp modules, to be utilized for Sprng’s project in Gujarat.

Sprng Energy Private Limited, is a renewable energy platform in India, set up in 2017. The company has renewable energy projects spanned across the country, with a cumulative contracted capacity of over 4.8 GWp, and operational portfolio of 2.3GWp.

Commenting on the agreement, Mr. Hitesh Chimanlal Doshi, Chairman & Managing Director, Waaree Group, expressed, “We are happy to associate with Sprng Energy on their 220MW solar module supply deal. This exemplifies Waaree's commitment to increase the penetration of the renewable energy in India. We believe we are equipped to make a contribution to several solar projects with the delivery of our solar PV modules.

This collaboration stands as an opportunity for Waaree to take on a crucial role in advancing India's green energy sector, aligning with our dedication to national sustainability objectives.” Mr. Gaurav Sood, CEO, Sprng Energy, said, “Teaming up with Waaree Energies Limited for modules for our project is aligned with the GoI’s emphasis on domestic manufacturing and Make in India initiative. Sprng is glad to partner with Waaree. This partnership will enable our vision for robust and reliable renewable energy solutions. As we continue to expand our portfolio capacity, Waaree's track record in the industry positions them as an ideal partner for our project. We anticipate a successful collaboration that contributes to our commitment to continuously supply green electrons in the national grid. Sprng shall continue to invest in India's clean energy future and its journey is a testament to belief in a sustainable future for India.”

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. WEL has four solar module manufacturing facilities in India, with international presence.


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.

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