News Digest

21 December 2017
Waaree Energies raises Rs100 crore from Centrum Fi

Waaree Energies Ltd, an integrated solar power solutions company, has raised Rs100 crore from Centrum Financial Services Ltd, the non-banking finance arm of the Centrum Group, and a South-East-Asia-based private equity fund, a spokesperson for Centrum said. According to Sandeep Upadhyay, managing director and chief executive of Centrum Infrastructure Advisory, Waaree has raised the funds in the form of structured finance, where Centrum Financial has invested Rs25 crore and the PE firm Rs75 crore. “This is basically a structured finance deal wherein we have raised money for Waaree from both Centrum and an international PE fund,” said Upadhyay. Centrum Infrastructure Advisory, a Mumbai-based infrastructure-focused investment bank, acted as the financial adviser to Waaree for this transaction. According to Upadhyay, the proceeds will go towards the growth capital requirement of the company, to add about 1 gigawatt of manufacturing capacity in Gujarat and funding working capital requirements.

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