ICRA Assigns SP1A Ranking to Waaree on Strong Performance Capability, Financials

Waaree Group’s solar module manufacturing arm, Waaree Energies has been assigned the highest ranking of SP1A by India’s leading credit rating agency ICRA Ltd under System Integrator Grading. The SP1A ranking, which emphasized the company’s strong performance capability and financial strength to undertake solar projects, has been valid for two years.

March 16, 2021. By Manu Tayal

Waaree Group’s solar module manufacturing arm, Waaree Energies has been assigned the highest ranking of SP1A by India’s leading credit rating agency ICRA Ltd under System Integrator Grading.  

The SP1A ranking, which emphasized the company’s strong performance capability and financial strength to undertake solar projects, has been valid for two years.

The company said that, the rating reiterates it’s position as the most efficient and trusted player in the solar manufacturing space.

Commenting on the achievement, Dr. Hitesh Doshi, CMD of Waaree Group said that, “we are honored to have been affirmed with the prestigious SP1A ranking by ICRA. We are also thankful to our stakeholders for their trust and confidence has helped us accelerate our growth journey and scale new heights. We will continue to be committed to customer centricity, uncompromised service quality and affordable pricing. These recognitions push us to continuously innovate, improve and thrive.”

The company said that this credit rating assured customers about timely completion of projects, well rounded project development skills, expert rooftop solutions, adept power production and superior ability to orchestrate large scale solar projects contributing to India’s mission of 175 GW by 2022 in the larger scheme of things.

The company has already executed more than 600 MW of solar projects and has a record of executing 50 MW of solar project in Vietnam in 100 working days, becoming the first Indian solar company to achieve this feat.

Waaree has maintained its position as the Bloomberg Tier 1 manufacturer for the last 24 quarters, and served more than 5,000 customers globally over a period of 32 years of its existence.

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