Solar module manufacturer Waaree Energies has invested ₹3 billion (~$33.79 million) in its wholly owned subsidiary, Waaree Energy Storage Solutions, through a rights issue.

The funding will be used to establish a lithium-ion advanced chemistry storage cell manufacturing plant.

The ₹3 billion invested by Waaree Energies comprises a rights issue of 600 million partly paid-up equity shares, each with a face value of ₹10 (~$0.112).

Out of the face value of the share, ₹5 (~$0.056) was paid on application, and ₹5 (~$0.056) is payable on call.

Waaree Energies was one of the top solar module suppliers in 2024, according to Mercom’s India Solar Market Leaderboard 2025. It accounted for 8.6% of the module shipments in 2024.

In the first quarter (Q1) of FY 2026, the company had a manufacturing capacity of 15 GW of solar modules and 5.4 GW of solar cells. It had an order book of approximately 25 GW, worth approximately ₹490 billion (~$5.64 billion).

In a bid to accelerate the adoption of energy storage, the Ministry of Power allowed energy storage systems to be developed, owned, leased, or operated by a generating company, transmission licensee, distribution licensee, consumer, system operator, or an independent energy storage service provider.

The Waaree Group has been diversifying into other segments in the renewable energy space. Waaree Power, a wholly owned subsidiary of Waaree Energies, recently announced that it is acquiring a 76% stake in Maharashtra-based smart meter manufacturing company, Racemosa Energy. The company will acquire the shares at a cost of ₹530 million (~$6 million).

In August 2025, Waaree Energies announced it would acquire a 64% equity stake in Kotsons, a Rajasthan-based power transformer solutions company, for ₹1.92 billion (~$21.79 million).

Recently, a court in the U.S. approved the sale of Meyer Burger’s machinery and equipment for the production of solar modules to Waaree Solar Americas and solar cells to Babacomari Solar North for a total of approximately $29 million.