India's Waaree Energies on Monday said it has raised about 10 billion rupees ($120.88 million) in a second round of funding led by Mumbai-based investment firm ValueQuest, which will be used by the solar panel manufacturer to expand capacity by 6 gigawatts (GW).

The Mumbai-Headquartered company, which has a current capacity of 12 GW, said the additional wattage will be used to make solar ingots and wafers, cells and modules. Waree did not say what the company was valued at post funding. It did not immediately respond to a Reuters request for comment on valuation.

The company in October 2022 raised a primary round of about 10.40 billion rupees ($125.70 million) from a clutch of investors including family offices and high net-worth individuals.

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

The new round of funding comes at a time when businesses are focusing more on renewable energy. According to a statement seen by Reuters, Adani Energy Solutions achieved financial closure on a $1 billion project to bring renewable energy to India's financial capital Mumbai on Monday.

Earlier this month, Reliance Industries said it has signed an agreement with Brookfield Asset Management to explore the manufacturing of renewable energy and decarbonisation equipment in Australia. ($1 = 82.7350 Indian rupees) (Reporting by Navamya Ganesh Acharya in Bengaluru)