Mumbai: Waaree Energies Ltd, an integrated solar power solutions company, has raised Rs100 crore from Centrum Financial Services Ltd, the non-banking finance arm of the Centrum Group, and a South-East-Asia-based private equity fund, a spokesperson for Centrum said.

According to Sandeep Upadhyay, managing director and chief executive of Centrum Infrastructure Advisory, Waaree has raised the funds in the form of structured finance, where Centrum Financial has invested Rs25 crore and the PE firm Rs75 crore.

“This is basically a structured finance deal wherein we have raised money for Waaree from both Centrum and an international PE fund," said Upadhyay.

Centrum Infrastructure Advisory, a Mumbai-based infrastructure-focused investment bank, acted as the financial adviser to Waaree for this transaction.

According to Upadhyay, the proceeds will go towards the growth capital requirement of the company, to add about 1 gigawatt of manufacturing capacity in Gujarat and funding working capital requirements.

Headquartered in Mumbai and led by Hitesh Doshi, Waaree manufactures and supplies solar photovoltaic modules and provides engineering, procurement and construction solutions for the setting up of solar power plants.

“We have grown at a CAGR of 35% in the last five years. We would like to continue this robust growth and plan to utilize the funds for our expansion plans and to explore opportunities across newer segments and markets," said Doshi, founder and managing director of Waaree.

According to Upadhyay, expectations of an anti-dumping duty being imposed on imports of solar power equipment has raised the hopes of domestic manufacturers. “In speculation of anti-dumping duty, the Indian solar players will obviously have advantage. The other factor is the Make in India drive, where lot of public sector undertakings are coming with bigger bids," added Upadhyay.

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