BENGALURU, Aug 7 (Reuters) – India’s Waaree Energies on Monday stated it has raised about 10 billion rupees ($120.88 million) in a second spherical of funding led by Mumbai-based funding agency ValueQuest, which shall be utilized by the photo voltaic panel producer to develop capability by 6 gigawatts (GW).

The Mumbai-Headquartered firm, which has a present capability of 12 GW, stated the extra wattage shall be used to make photo voltaic ingots and wafers, cells and modules. Waree didn’t say what the corporate was valued at submit funding. It didn’t instantly reply to a Reuters request for touch upon valuation.

The firm in October 2022 raised a major spherical of about 10.40 billion rupees ($125.70 million) from a clutch of traders together with household workplaces and excessive net-worth people.

“This funding, we believe will assist in our growth, expand our market presence, and drive positive change in the renewable energy transition,” stated Hitesh Doshi, Chairman, MD at Waaree Energies.

The new spherical of funding comes at a time when companies are focusing extra on renewable power. According to a press release seen by Reuters, Adani Energy Solutions achieved monetary closure on a $1 billion venture to carry renewable power to India’s monetary capital Mumbai on Monday.

Earlier this month, Reliance Industries stated it has signed an settlement with Brookfield Asset Management to discover the manufacturing of renewable power and decarbonisation gear in Australia. ($1 = 82.7350 Indian rupees) (Reporting by Navamya Ganesh Acharya in Bengaluru)