Key Points
Upgraded from CARE A- to CARE A by top credit rating agency
Demonstrates strong financial stability in renewable energy sector
Largest solar module manufacturer in India with 13.3 GW capacity
Expansive manufacturing facilities across India and USA
The rating of 'CARE A' are specifically for Long Term facilities i.e. term loans and 'CARE A' for Long Term / Short Term Facilities i.e. Fund-based/Non - fund based limits.
The upward rating reflects Waaree Renewable's strong financial stability, including aspects of operational and financial performance based on FY24 financials as well as performance during the nine-month period of FY25, i.e., the last financial quarter.
The company said that the improved rating highlights the company's robust financial health based on strategic growth initiatives, thereby placing the company as a strong player in the renewable energy sector with further potential for tapping newer business opportunities and partnerships.
Waaree Energies Limited, founded in 1990 and headquartered in Mumbai, India, is the country's largest solar module manufacturer, with an aggregate installed capacity of 13.3 GW as of June 30, 2024.
The company's manufacturing facilities are located in Chikhli, Surat, Tumb, Nandigram in Gujarat, and Noida.
Additionally, the company operates a 5.4 GW cell manufacturing facility in Gujarat and a 1.6 GW module manufacturing facility in the USA.
Waaree has commissioned a 5.4GW cell manufacturing facility in Gujarat. 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 footprints, paving the way for sustainable energy, thereby improving quality of life, the company claims.
WEL has five solar module manufacturing facilities in India, with international presence.
The company says that its vision is to provide quality and cost-effective sustainable energy solutions across markets, reducing carbon footprints and paving the way for sustainable energy, thereby improving the quality of life.
