Press Release

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Mumbai, 7th May, 2024 — Waaree Energies Ltd, has announced the appointment of Mr. Amit Paithankar as its new Chief Executive Officer (CEO). With his career spanning over two decades, Mr. Paithankar brings significant experience in driving growth, innovation, and sustainability in his practices.

In his new role as Chief Executive Officer of Waaree Energies Ltd, Mr. Amit Paithankar will strive to utilize his experience and leadership to drive the company to grow in the renewable energy sector. He intends to onboard expertise to drive Waaree Energies Ltd towards sustainable innovation. By prioritizing growth, efficiency and cultivating enduring relationships, Mr. Paithankar’s endeavor will be to guide Waaree Energies Ltd towards advancement that aligns with the ever-changing demands of the renewable energy sector.

Before joining Waaree, Mr. Paithankar's was associated as managing director South Asia with Emerson Electric Co. (India) Pvt. Ltd., among other roles. His educational background, includes a Ph.D. in Electrical Engineering and a master of business administration.

“With the solar industry continually evolving, this is an opportune moment for significant growth in the near future. Waaree Energies Limited has contributed to the clean energy landscape in India. I am excited about making a meaningful contribution to the company's objective of providing sustainable energy solutions said Mr. Amit Paithankar, CEO, Waaree Energies Ltd.

Waaree family extends a warm welcome to Mr. Paithankar as he takes the helm, steering the company toward a future defined by sustainable growth, technological innovation, and leadership.

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.

For more information, please visit Waaree.com

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, 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 www.axiscapital.co.in, www.iiflcap.com, www.jefferies.com, www.nomuraholdings.com/company/group/asia/india/index.html, www.sbicaps.com, www.intensivefiscal.com, www.intensivefiscal.com and www.iticapital.in, 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 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.

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