Waaree Energies, an Indian solar module manufacturer and Engineering Procurement Construction (EPC) services provider, has raised ₹1 billion (~$15.6 million) from Centrum Financial Services Ltd, the non-banking finance arm of the Centrum Group and a private equity (PE) firm.

A Waaree Energies executive confirmed the fund-raising from Centrum and said it will infuse the much-needed capital for its expansion plans.

Livemint quoted the managing director and chief executive of Centrum Infrastructure Advisory, Sandeep Upadhyay as saying, “Waaree has raised the funds in the form of structured finance, where Centrum Financial has invested ₹250 million (~$3.9 million) and the PE firm with ₹750 million (~$11.7 million).”

The funds come at a crucial juncture for Waaree Energies. Recently, Waree Energies formed a partnership with Enphase Energy, a US-based solar microinverter company to develop AC solar modules for the Indian market.

In an interview with Mercom, Sunil Rathi of Waaree Energies had said, “This year, our manufacturing will be a minimum of 1.2 GW and a maximum of up to 1.7 GW. In the past four years, we have spent a substantial amount on Research and Development (R&D). We want to lead the sector and that is only possible by investing in cutting-edge technology in order to develop high-quality products. We are also setting up an inverter manufacturing unit in India.”

Image credit: Mercom India