Loading NewKerala.com...

Waaree Renewable Technologies upgraded to CARE A by CARE Ratings

ANI March 14, 2025 138 views

Waaree Renewable Technologies has received a significant credit rating upgrade from CARE Ratings, moving from CARE A- to CARE A. The upgraded rating reflects the company's strong financial performance and strategic growth in the renewable energy sector. As India's largest solar module manufacturer with 13.3 GW installed capacity, Waaree continues to expand its manufacturing footprint domestically and internationally. The company remains committed to providing sustainable, cost-effective energy solutions while reducing carbon footprints.

"Our rating reflects robust financial health and strategic growth initiatives" - Waaree Energies Leadership
New Delhi, March 14: Waaree Renewable Technologies Limited (WRTL) has been raised from CARE A- to CARE A in the most recent ratings published by CARE Ratings, India's top credit rating agency, the company said in a release.

Key Points

1

Upgraded from CARE A- to CARE A by top credit rating agency

2

Demonstrates strong financial stability in renewable energy sector

3

Largest solar module manufacturer in India with 13.3 GW capacity

4

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.

Tags:
You May Like!