Indian solar panel makers plan to raise Rs 5,800 crore this year

At least three independent solar module makers plan to raise as much as Rs 5,800 crore this year to expand production as India aims to achieve 500 gigawatts (GW) of non-fossil fuel energy capacity by 2030. Mumbai-based Waaree Energies filed draft papers for an initial public offering in December to raise Rs 3,000 crore to meet capex requirements. Other solar module makers that have kicked off fundraising efforts include Hyderabad-based Premier Energies and Kolkata-based Vikram Solar, people aware of the developments told Moneycontrol. Premier Energies has appointed a foreign investment bank to help raise as much as Rs 2,000 crore, mbst likely through an IPO, the people said. Vikram Solar is in talks to raise Rs 600 crore-800 crore in a pre-l PO round from family offices and high net worth individuals. "A few smaller manufacturers with less than 1 GW module manufacturing capacity have also held talks with investment banks to gauge the possibility of raising capital through I POs," one person said.