Waaree Energies, a solar module manufacturer, announced the approval from the National Company Law Tribunal (NCLT) to acquire solar cells manufacturer—Indosolar.

The national body approved Waaree’s request for the acquisition under the corporate insolvency resolution process (CIRP)— which the lenders of Indosolar initiated following the regulations under the Insolvency and Bankruptcy Code 2016.

The acquisition of Indosolar will help Waaree Energies enhance its solar cell manufacturing capacity from the currently planned 4 GW to 5.4 GW and will further cater to the company’s expansion strategies of solar module manufacturing.

The company, in a statement, said, “Waaree expects to start manufacturing operations in approximately six months from the Indosolar plant post assessing the infrastructure, including utilities. After ensuring that appropriate equipment complementing the expansion plans are in place and the latest generation of high-efficiency solar cells being used in the modules at its manufacturing plants in Gujarat.”

In a recent announcement, the company said that it had bagged new orders worth $2.37 billion from India and International markets to supply high efficiency bifacial solar panels of 540W and 600W. These panels are expected to be produced in Waaree’s manufacturing facility using M10 and M12 cells. The company currently has a 4 GW module manufacturing capacity and plans to add another 5 GW by December 2022. A 4 GW solar cell manufacturing capacity is expected to be operational by March 2023.

Earlier this year, the Securities and Exchange Board of India (SEBI) approved Waaree’s request for an initial public offering (IPO) which included shares amounting to ₹13.5 billion (~$173.97 million) with an offer for sale of up to 4,007,500 equity shares by Waaree’s promoter and current shareholders. Of the total proceeds, the company would reportedly use ₹9.1 billion (~$117.27 million) for its solar cell manufacturing facility and another ₹1.41 billion (~$18.17 million) for setting up a solar module facility.

According to Mercom’s Q1 2022 Solar Funding and M&A Report, the first quarter (Q1) of 2022 recorded 29 solar-related mergers and acquisitions (M&A) worldwide, compared to 20 in the same period last year.