Waaree Renewable Technologies Secures 350MW/1400MWh BESS EPC Contract for FY2026-27

Waaree Renewable Technologies has secured a turnkey Engineering, Procurement, and Construction (EPC) contract for a 350MW/1400MWh grid-connected Battery Energy Storage System (BESS), along with two years of operation and maintenance services. The company received intimation of the contract on May 18, 2026, and has made the requisite disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Contract Details

The following table summarizes the key parameters of the awarded contract as disclosed in Annexure A:

Parameter:	Details
Contract Type:	Turnkey EPC (Engineering, Procurement and Construction)
System Type:	Grid-Connected Battery Energy Storage System (BESS)
Power Capacity:	350MW
Energy Capacity:	1400MWh
Additional Scope:	Two years of Operation and Maintenance Services
Awarding Entity:	Waaree Forever Energies Private Limited (WFEPL)
Nature of Order:	Commercial Order — Domestic
Execution Timeline:	Financial Year 2026-27
Related Party Transaction:	Yes, conducted at arm's length

Awarding Entity and Related Party Disclosure

The contract has been awarded by Waaree Forever Energies Private Limited (WFEPL), a domestic entity and a subsidiary of the holding company of Waaree Renewable Technologies. In compliance with SEBI disclosure norms, the company has confirmed that the order constitutes a related party transaction and has been executed at arm's length. The promoter/promoter group holds an interest in WFEPL as it is a subsidiary of the holding company.

Significance of the Order

The award of this 350MW/1400MWh BESS EPC contract represents a substantial addition to Waaree Renewable Technologies' order book. Battery Energy Storage Systems play a critical role in grid stability and the integration of renewable energy sources, reflecting the increasing demand for large-scale storage solutions in India. The EPC scope positions the company as a key executor across the full project delivery cycle — encompassing engineering design, procurement of equipment, construction activities, and post-commissioning maintenance. The project is scheduled to be completed during financial year 2026-27, as per the terms of the order.

This development reinforces Waaree Renewable Technologies' capabilities in delivering utility-scale energy storage infrastructure, further strengthening its standing in India's rapidly evolving clean energy landscape.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.78%	-7.17%	-15.68%	-16.50%	-9.92%	+9.91%

Waaree Renewable Technologies Limited, a subsidiary of Waaree Energies Limited, has disclosed the execution of definitive agreements on May 06, 2026, marking a significant step in its planned acquisition of Associated Power Structures Private Limited (APSPL), formerly known as Associated Power Structures Limited. The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and follows the outcome of a Board Meeting held on January 26, 2026.

Definitive Agreements Executed

Two key agreements have been executed as part of the acquisition process:

Share Purchase and Subscription Agreement (SPSA): Governs the purchase of existing equity shares of APSPL by Waaree Renewable Technologies Limited (WRTL) from existing shareholders, as well as the subscription to additional equity shares to be freshly issued to WRTL.
Shareholders Agreement (SHA): Records the inter-se arrangements among all shareholders of APSPL, including WRTL, following the acquisition of a 55% shareholding.

Key Parties to the Agreements

The agreements involve multiple parties across both instruments, as detailed below:

Agreement:	Parties Involved
SPSA – Purchaser:	Waaree Renewable Technologies Limited (WRTL)
SPSA – Key Individuals:	Mr. Satish Desai, Mr. Parag Kothari, Mr. Ajay Patel
SPSA – Seller Shareholders:	Desai Family Trust, Kothari Family Trust, Patel Family Trust
SPSA – Target Company:	Associated Power Structures Private Limited (APSPL)
SHA – Investor:	Waaree Renewable Technologies Limited (WRTL)
SHA – Initial Shareholders:	Mr. Satish Desai, Mr. Harsh Desai, Mr. Parag Kothari, Mr. Pujan Kothari, Ms. Archan Kothari, Mr. Ajay Patel, Mr. Hetul Patel, Desai Family Trust, Kothari Family Trust, Patel Family Trust
SHA – Target Company:	Associated Power Structures Private Limited (APSPL)

Acquisition Details and Investment Value

The following table summarises the key parameters of the acquisition:

Parameter:	Details
Target Company:	Associated Power Structures Private Limited (APSPL)
Stake Being Acquired:	55% (on fully diluted basis)
Total Investment Value:	Rs. 1,225 Cr
Issue Price Basis:	Fair market value as determined by a registered valuer
Class of Shares (Fresh Issue):	Class B
Class of Shares (Existing Acquisition):	Class A
Post-Acquisition Status of APSPL:	Subsidiary of WRTL
Related Party Transaction:	No
Event Date:	May 06, 2026 at 08:00 p.m.
Expected Completion:	June 15, 2026

As on the date of disclosure, WRTL does not hold any shareholding in APSPL. Upon completion of the acquisition, APSPL will become a subsidiary of Waaree Renewable Technologies Limited.

Significant Terms of the Agreements

The Shareholders Agreement grants the shareholders of APSPL, including WRTL, several key rights:

Right to nominate directors to the board of APSPL
First right to share subscription in the event of any issuance of shares
Right to restrict any change in capital structure, except with respect to an affiliate
Certain rights in relation to the day-to-day business operations of APSPL

The transaction has been confirmed as not falling within the scope of a related party transaction. WRTL and APSPL are not related to the promoter, promoter group, or group companies in any manner prior to this acquisition.

Revised Timeline for Completion

The completion of the acquisition was originally planned by April 30, 2026. However, due to procedural requirements, the entire process — including the transfer of existing securities (acquisition of existing shares) and the allotment of securities (through fresh issuance) — is now expected to be completed by June 15, 2026. The company has stated that the above information will be made available on its website at www.waareertl.com .