Waaree Renewable Technologies Limited has received a revised letter of award for a major solar power project, representing a significant update to its previously disclosed contract. The company received the revised intimation on January 8, 2026, with the project capacity and contract value being adjusted due to evacuation considerations and DC overloading optimization.

Revised Project Contract Details

The updated solar project contract reflects substantial changes in capacity and value from the original award:

Project Scope and Timeline

The revised contract maintains the comprehensive EPC execution scope for the ground mount solar power project on a turnkey basis. The project remains scheduled for completion during FY 2026-27, ensuring continuity in the delivery timeline despite the capacity adjustments.

Related Party Transaction Disclosure

Unlike the previously disclosed ₹96.51 crore project, this revised contract involves a related party transaction. The awarding entity, Waaree Forever Energies Private Limited (WFEPL), is a subsidiary company of the holding company, making this transaction fall within related party parameters as disclosed under SEBI regulations.

Strategic Impact and Regulatory Compliance

The capacity revision from 870 MWac/1,218 MWp to 704 MWac/1,000 MWp represents a strategic optimization based on evacuation considerations and DC overloading factors. All other terms, conditions, scope of work, and pricing structure of the original work order remain unchanged and continue in full force. The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrating the company's commitment to transparent stakeholder communication.

Waaree Renewable Technologies has formally disclosed a contract enhancement for its solar energy project, with the capacity being increased from 30 MWp to 35 MWp. The company received official intimation of this enhancement on December 29, 2025, and has filed the requisite regulatory disclosure under SEBI regulations.

Regulatory Disclosure and Timeline

The company has submitted its disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, updating its earlier intimation dated July 15, 2024. The enhancement pertains to the Engineering, Procurement, and Construction (EPC) works for a ground mount solar power project including Operation and Maintenance (O&M).

Contract Enhancement Details

The capacity expansion has resulted in a corresponding increase in the project's financial value. The following table outlines the key changes:

All terms and conditions of the original contract remain unchanged, with only the capacity and corresponding commercial value being enhanced.

Project Specifications and Client

The project involves developing a ground mount solar power project on a turnkey basis for one of the largest manufacturers of pig iron, castings, and seamless tubes. The enhanced project maintains its domestic nature and commercial order status.

Execution Timeline

Waaree Renewable Technologies has maintained the completion timeline for the expanded solar project, with the target set for FY 2026-27. The company confirmed that no promoter or group companies have any interest in the entity that awarded the contract, and the transaction does not fall within related party transactions.

Strategic Implications

The formal contract enhancement from 30 MWp to 35 MWp demonstrates strong client confidence in Waaree Renewable Technologies' execution capabilities. The additional 5 MWp capacity expansion indicates successful project development progress, leading to enhanced scope requirements from the client.