India-based solar module maker Waaree Energies has raised ₹10 billion (~$120.8 million) in a second round of equity funding led by ValueQuest, a boutique portfolio management company, to help expand its existing manufacturing capacity by 6 GW.

The additional capacity will include the manufacturing of solar ingots and wafers, cells, and modules.

Waaree had earlier raised ~₹10 billion (~$120.8 million) from various high-net-worth individuals and private offices. The proceeds were used to expand Waaree’s manufacturing facility in India from 5 GW to 9 GW for solar modules.

The company also has plans for backward integration in the manufacturing of solar cells with a capacity of 5.4 GW.

Waaree aims to expand its module production capacity to 20 GW, cell manufacturing to 11.4 GW, and wafer manufacturing to 6 GW in the next two years.

The latest equity investment is in addition to the Production Linked Incentive Tranche II of ₹19.23 billion (~$232.4 million) awarded by the Government of India.

Chairman and Managing Director at Waaree Energies Hitesh Doshi said, “This strategic investment reinforces our vision for a sustainable future and our commitment to revolutionizing the solar energy landscape. This funding, we believe, will assist in our growth, expand our market presence, and drive positive change in the renewable energy transition.”

The collaboration between Waaree Energies and ValueQuest is expected to enable the company to deliver solar products and further strengthen its manufacturing capabilities.

CIO and Managing Director of ValueQuest Ravi Dharamshi commented, “Megatrends are transformational and not incremental, with far-reaching and disproportionate impact. Waaree Energies is benefitting from twin megatrends of energy transition and the supply chain shift away from China.”

Last December, the module manufacturer announced its plans to expand its module production line to 12 GW. With the planned expansion, Waaree boasts owning the largest module manufacturing capacity globally, outside China, ultimately supporting domestic solar equipment manufacturing in India.

Last year, Waaree Energies announced the approval from the National Company Law Tribunal to acquire solar cells manufacturer IndoSolar. Through the acquisition, Waaree is working to enhance its solar cell manufacturing capacity to 5.4 GW.