Waaree Renewable Technologies signs ECI for landmark NZ solar project

Waaree Renewable Technologies Limited (WRTL) has signed an Early Contractor Involvement (ECI) Agreement to develop a utility-scale solar photovoltaic (PV) project integrated with a Battery Energy Storage System (BESS) in New Zealand. Disclosed on July 27, 2026, the deal marks the company’s strategic entry into the Australia-New Zealand (ANZ) renewable energy market. WRTL will execute preliminary work in a consortium with two local companies, partnering with a Special Purpose Vehicle of a leading global Independent Power Producer (IPP). The agreement positions the company to potentially secure the subsequent Engineering, Procurement, and Construction (EPC) contract upon successful completion of the ECI phase.

The transaction was disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The company received the Letter of Award on July 27, 2026, at 10:47 am IST. The disclosure confirms that the order is from an international entity and does not constitute a related party transaction, with no interest held by the promoter or promoter group in the awarding entity.

Project Structure and Scope

The ECI Agreement is an early-stage engagement focused on preliminary work. The validity period for this agreement is approximately four months, during which the parties will develop the project. If the principal decides to proceed after the ECI phase, the EPC contract may be signed with the consortium. The execution timeline for the full project is estimated at 24 months from the signing of the final contract. No broad consideration or financial size has been disclosed for the current ECI Agreement, as the commercial terms for the potential EPC contract remain to be finalized.

Parameter:	Details
Agreement Type:	Early Contractor Involvement (ECI)
Project Scope:	Utility-scale Solar PV and BESS
Location:	New Zealand
Consortium Partner:	Two local companies
Client:	SPV of a global IPP
ECI Validity:	~4 months
Execution Timeline:	24 months (post-EPC signing)

Strategic Implications

This move expands Waaree Renewable Technologies' geographic footprint beyond its existing operations into the ANZ region, a key growth market for renewable energy globally. By combining Solar PV generation with BESS storage, the company demonstrates its capability to deliver integrated clean energy solutions that address both power generation and storage requirements. The partnership with local firms mitigates entry risks while leveraging global expertise through the IPP client. Sunil Rathi, Executive Director of Waaree Renewable Technologies Limited, stated that the agreement marks an important milestone in the company's international expansion strategy, reflecting confidence in the region’s renewable energy potential.

What the Numbers Show

While no revenue figures are attached to the ECI stage, the structure of the deal highlights a phased approach to international expansion. The four-month development window allows for risk assessment before committing to a 24-month construction cycle. This model reduces upfront capital exposure while securing a pathway to larger EPC contracts, reflecting a disciplined strategy for entering new regulatory environments. The project is expected to become one of New Zealand’s largest solar energy projects upon completion, supporting the country’s transition towards a cleaner energy mix.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.04%	-8.69%	-8.05%	+4.77%	-10.56%	+8.81%

Waaree Renewable Technologies Limited has secured Letters of Award for two ground-mounted Solar PV plants, aggregating to a total capacity of 800 MWac / 1,082 MWp. The company received the awards on July 25, 2026, marking a significant addition to its order book in the renewable energy sector. These contracts represent substantial engineering, procurement, and construction (EPC) work, reinforcing the firm's position in India's expanding solar infrastructure market.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The company notified the stock exchanges on July 26, 2026, confirming receipt of the intimation at 12:15 pm IST the previous day. The orders were awarded by one of India's leading renewable energy companies, identified as a domestic entity.

Contract Details

The two Letters of Award cover distinct plant capacities but share similar execution timelines and commercial terms. Both projects are classified as commercial orders within the domestic market. There is no promoter or group company interest in the entity that awarded the contracts, and the transactions do not fall under related party dealings.

Particulars	Details
Total Capacity	800 MWac / 1,082 MWp
Plant 1 Capacity	400 MWac / 530 MWp
Plant 2 Capacity	400 MWac / 552 MWp
Execution Timeline	Financial year 2027-28
Order Type	Commercial Order
Entity Type	Domestic

Project Execution

The projects are scheduled to be completed during the financial year 2027-28, as per the terms outlined in the order documents. This timeline indicates a multi-year execution phase, requiring significant resource allocation and supply chain management from Waaree Renewable Technologies. The aggregation of 1,082 MWp peak capacity underscores the scale of the infrastructure development involved.

What the Numbers Show

The acquisition of an 800 MWac EPC contract represents a material volume commitment for the company. By securing two large-scale ground-mounted solar projects simultaneously, Waaree Renewable Technologies demonstrates its capacity to handle high-volume execution mandates. The absence of related-party interests confirms the competitive nature of these awards, validating the company's market standing against other EPC players in the renewable energy space.