Waaree Renewable Technologies has won a new contract to build a large solar power project. The company announced that it received a Letter of Award for engineering, procurement and construction work on a 291 MWp ground-mounted solar project. The deal also includes a 280 MWh battery energy storage system.
The order comes from an Indian thermal power generating company, according to a regulatory filing. Waaree did not name the client.
Waaree Renewable Technologies 291 MWp solar EPC order: Key details
According to the filing, the project falls under the EPC route. This means Waaree will handle the design, procurement and construction of the plant.
Work is expected to finish during the 2027-28 financial year, the company said in its filing. It is a domestic commercial order. Waaree clarified that none of its promoters or group companies has any interest in the client. The order also does not qualify as a related party transaction.
Waaree Renewable Technologies expands solar EPC, battery storage and T&D business
This is not just another solar order for Waaree. It shows where the company is headed. Battery storage and transmission projects are becoming a bigger part of its business, alongside its traditional solar EPC work.
The shift is already visible in its numbers. Waaree’s unexecuted order book stood at more than Rs 5,300 crore at the end of the June quarter. Its bidding pipeline was even larger, with over 37 GWp of solar projects and more than 10 GWh of battery storage projects. Transmission and distribution opportunities worth over Rs 20,000 crore were also in the pipeline.
The company has been building capabilities in this space through acquisitions too. It recently completed the purchase of a 55% stake in Associated Power Structures.
“This strengthens our capabilities in transmission and distribution (T&D), enabling us to offer integrated solutions while continuing to expand our renewable EPC business in a disciplined and scalable manner,” said Manmohan Sharma, CFO of Waaree Renewable Technologies.
Waaree Renewable Technologies Q1 FY27 results
The order arrives on the back of a solid quarter. Net profit rose 34% year-on-year in the June quarter. Revenue from operations climbed 53% to Rs 924 crore, and EBITDA grew 48% to Rs 173 crore.
About Waaree Renewable Technologies
Waaree Renewable Technologies is a Mumbai-based solar EPC and renewable energy company and a subsidiary of Waaree Energies Limited. Incorporated in 1999, it was earlier known as Sangam Renewables before taking its current name in 2021. Besides EPC services, the company develops, finances, builds and operates solar projects, largely for commercial and industrial clients, and trades on both the BSE and NSE.
Waaree Renewable Technologies share price today
Waaree Renewable Technologies’ share price has been flat as of market closing on August 28. The company’s share price has been down 4.46% in the past month. Over the past year, Waaree Renewable Technologies’ share price has been down almost 15%.