[GRE Renew Enertech](gre renew enertech) has executed a definitive Engineering, Procurement and Construction (EPC) agreement with Solarium Green Energy Limited for the development of a utility-scale solar project. The agreement, formalized on June 30, 2026, pertains to an approximately 50 MW AC / 65 MW DC ground-mounted Solar PV Project on a turnkey basis. This contract formalizes the arrangements previously outlined in the Letter of Award received on the same date and includes Operation & Maintenance (O&M) Services for a period of three years.

The aggregate contract value stands at ₹175,00,00,000, exclusive of applicable taxes. This amount comprises ₹170,00,00,000 allocated towards the EPC Contract for the execution of the Solar PV Project and ₹5,00,00,000 designated for the O&M Services spanning thirty-six months. The company confirmed that there is no material deviation in the commercial scope or consideration from the Letter of Award previously disclosed, with the new document incorporating detailed contractual terms and conditions.

Project Details

The project involves the execution of EPC works for a utility-scale Solar PV Project. The term of the agreement is effective from June 30, 2026, until the completion of the project, O&M obligations, and fulfilment of all contractual obligations. The company clarified that this agreement has been entered into in the ordinary course of its business operations and does not involve entry into any new business segment. Key project and contract parameters are outlined below:

Regulatory and Business Context

The disclosure was submitted to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. GRE Renew Enertech confirmed that the commercial terms are customary for contracts of this nature and include standard provisions related to payment milestones, performance obligations, warranties, and dispute resolution. Furthermore, the company stated that this award does not result in any change in its business model, capital structure, financial position, or risk profile beyond the ordinary course of business. It was also clarified that neither the promoter group nor group companies have any interest in the transaction, nor is it a related party transaction.

GRE Renew Enertech Limited reported a Profit After Tax (PAT) of ₹136 million for the financial year ended March 31, 2026 (FY26), reflecting a 3-year Compound Annual Growth Rate (CAGR) of 147%. The renewable energy company, engaged in solar EPC solutions and LED lighting products, posted a 3-year EBITDA CAGR of 131%. Revenue from operations for FY26 reached ₹1,229 million, compared to ₹837 million in FY25.

The company’s operational highlights include the installation of over 100 MW of solar capacity by June 2026. GRE Renew Enertech operates through both EPC (CAPEX) and RESCO (OPEX) business models, serving industrial, commercial, and government customers. The EPC model generated revenue through execution contracts and annual operations & maintenance service agreements, while the RESCO model focuses on long-term Power Purchase Agreements (PPAs) for recurring revenue.

Financial Performance

The company’s financial performance for the past four years shows a consistent upward trend in profitability and operational scale. The EBITDA margin improved to 13.10% in FY26 from 11.35% in the previous year.

EPC Execution Track Record

GRE Renew Enertech has delivered cumulative solar EPC projects across rooftop and ground-mounted installations. The company executed 25 projects in FY26 with a total capacity of 23,506.04 KWp, following 17 projects in FY25.

RESCO Projects

Under the RESCO model, the company manages rooftop and ground-mounted solar plants. The total project size for rooftop solar plants commissioned stands at 2,993 KWp, with a PPA tariff of ₹5.04 per kWh. Ground-mounted projects total 12,532.80 KWp, with tariffs ranging between ₹4.00 and ₹5.27 per kWh.

The company’s balance sheet for FY26 indicates a strengthening of shareholders' funds, which grew to ₹797 million from ₹312 million in FY25. Total assets stood at ₹1,061 million as of March 31, 2026.