Waaree Energies cleared to buy solar cell maker Indosolar

Solar panels. Author: Frédéric BISSON. License: Creative Commons, Attribution 2.0 Generic.

May 27 (Renewables Now) - Indian solar product maker Waaree Energies Ltd has received regulatory clearance for the proposed acquisition of insolvent domestic sector player Indosolar Ltd.

The approval was granted by the National Company Law Tribunal, the Indian government’s quasi-judicial authority, Waaree Energies announced on Friday. The transaction was cleared under the corporate insolvency resolution process (CIRP) initiated by the target’s lenders in 2016. Financial details were not disclosed.

Indosolar is engaged in the production of photovoltaic (PV) cells and modules, as well as in the provision of services in the solar field.

Mumbai-based Waaree Energies said that Indosolar’s acquisition will lift its own solar cell manufacturing capacity to 5.4 GW. The company currently owns 4 GW of solar module production facilities and plans to add an additional 5 GW of manufacturing capacity by the end of 2022. It earlier said it expects 4 GW of solar cell production capacity to become operational by March 2023.

Waaree anticipates starting production at the Indosolar sites in about six months.

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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