In SP1A, 1 denotes highest level of technology and A indicates the robust financial health of the company, it said in a statement.
“Icra accredits Waaree Energies with SP1A ranking indicating strong performance capability and financial strength… The ranking SP1A emphasizes the company’s superior performance capability and highest financial strength to undertake solar projects,” the statement said.
The rating is valid for two years till 2023, the company said.
“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,” Hitesh Doshi, CMD, Waaree Group said.
The homegrown firm has India’s one of the largest solar PV module manufacturing capacity of 2 GW at its plants in Surat and Umbergaon in Gujarat.
The company has presence in over 350 locations in India and 68 countries.