Waaree Renewable Technologies has announced a significant development in its business operations, securing a substantial contract in the renewable energy sector.

Contract Details

The company has received a Letter of Award for a solar EPC (Engineering, Procurement, and Construction) project valued at Rs 232.30 crore. The contract has been awarded by Waaree Energies Limited, which is notably a promoter group entity of Waaree Renewable Technologies.

Project Specifications

The awarded project encompasses the following key aspects:

• Capacity: 170 MW AC / 255 MW DC
• Type: Ground mount solar power installation
• Scope: Includes operation and maintenance
• Execution Timeline: To be completed in FY 2025-26

Significance of the Award

This contract represents a substantial opportunity for Waaree Renewable Technologies to strengthen its position in the solar energy sector. The project's scale, at 255 MW DC capacity, underscores the company's capability to handle large-scale solar installations.

Intra-Group Collaboration

It's worth noting that the contract has been awarded by Waaree Energies Limited, a promoter group entity. This intra-group collaboration could potentially lead to synergies and efficiencies in project execution, leveraging the combined expertise and resources within the Waaree group.

Future Outlook

The execution of this project in FY 2025-26 suggests that Waaree Renewable Technologies is building a robust project pipeline for the coming years. This contract not only adds to the company's order book but also provides visibility for its operations in the medium term.

The solar EPC market in India continues to grow, driven by the country's ambitious renewable energy targets. Waaree Renewable Technologies' ability to secure such significant projects positions it well to capitalize on these market opportunities.

As the renewable energy sector in India continues to evolve, projects of this scale play a crucial role in the country's transition towards cleaner energy sources. Waaree Renewable Technologies' involvement in such projects underscores its commitment to contributing to India's renewable energy goals.

Waaree Renewable Technologies Limited (WAAREERTL), a subsidiary of Waaree Energies Limited, has announced a significant new project in the renewable energy sector. The company has been awarded a Letter of Award (LOA) for a substantial solar power project, marking a major milestone in its business operations.

Project Details

WAARERTL has received a Letter of Award for the execution of Engineering, Procurement and Construction (EPC) works for a ground-mount solar power project. The project specifications include:

Project Timeline and Execution

The project is scheduled to be completed in the financial year 2025-26, as per the terms of the order. This timeline suggests a focused approach towards expanding WAAREERTL's footprint in the renewable energy sector.

Related Party Transaction

This order falls under the category of a related party transaction, as it has been awarded by Waaree Energies Limited, the promoter and parent company of WAAREERTL. The company has confirmed this in its regulatory filing, ensuring transparency in its dealings.

Market Implications

This large-scale project underscores the growing demand for solar energy solutions in India and positions WAAREERTL as a key player in the sector. The substantial order value of ₹262.00 crore is likely to have a positive impact on the company's financial performance in the coming years.

Following the announcement of this new project, Waaree Renewable Technologies' share price increased by over 5%, reflecting positive market sentiment towards the company's growth prospects.

Regulatory Compliance

The company made this announcement in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This adherence to regulatory requirements demonstrates WAAREERTL's commitment to maintaining transparency with its stakeholders.

Conclusion

As the renewable energy sector continues to expand in India, projects of this magnitude are expected to play a crucial role in the country's transition towards cleaner energy sources. Waaree Renewable Technologies Limited's involvement in such projects highlights its growing presence in the solar power industry.