Waaree Renewable Technologies (WRTL), part of the Waaree Energies group, is pursuing 11 GW of solar EPC (engineering, procurement and construction) orders in overseas markets, with most of the opportunities concentrated in West Asia.
“We are participating in EPC orders in the countries in West Asia which are not affected by the geopolitical tension. Those orders will come up for execution in one or two years,” said Manmohan Sharma, chief financial officer of the company, in a post-earnings interaction with Financial Express.
Operations and maintenance (O&M) orders are expected to follow in those markets. However, Sharma did not disclose the names of the countries where the company is bidding for projects.
While WRTL’s larger peer, L&T, derives 37% of its international order book from West Asia, its renewable EPC business is also heavily concentrated in the region. L&T is executing several large solar EPC projects there.
Though WRTL has signed a non-binding letter of understanding (LoU) in Vietnam, it is yet to be converted into a firm order, Sharma said.
Domestic Bidding Pipeline
Domestically, the company is pursuing around 25-26 GW of solar EPC orders, he said.
Besides solar EPC projects, WRTL expects significant opportunities in battery energy storage systems (BESS), transmission and distribution (T&D), and data centres in the coming quarters, he said.
Of its ₹5,300-crore order book, around ₹200 crore comprises BESS projects. “We see it (BESS) as a very significant opportunity because as we install more renewable projects, there will be more requirement of BESS also. So, this particular revenue stream will also go up significantly,” he said.
While the company has no firm data centre orders yet, it is in discussions with several developers, and projects could materialise over the coming quarters, Sharma said.
Scaling T&D Operations
Backed by its acquisition of a 55% stake in Associated Power Structures, WRTL is pursuing nearly ₹20,000 crore worth of T&D orders across domestic and overseas markets, he said.
The company has also secured land and grid connectivity for a 450-MW solar project in Madhya Pradesh, which it plans to develop. Sharma said WRTL could either supply power as an independent power producer (IPP) or monetise the project at a later stage.
The company already has 82 MW of operational assets in Maharashtra and Karnataka.
