Waaree Renewable Technologies Surges 4% on Securing ₹740 Crore Solar Project

Waaree Renewable Technologies Limited (WRTL) saw its stock price climb 4% to ₹4,650 following the announcement of a significant solar power project win. The company, as part of a consortium, has secured a ₹740.06 crore contract for a 125 MWAC (181.3 MWp DC) solar power project, marking a substantial boost to its order book.

Project Details

According to the Letter of Award (LOA) disclosed by the company:

• Project Capacity: 125 MWAC (181.3 MWp DC)
• Contract Value: Approximately ₹740.06 crore (inclusive of taxes)
• Completion Timeline: 18 months from the date of contract signing
• Scope: Engineering, Procurement, and Construction (EPC) works on a turnkey basis, along with Operation and Maintenance

Consortium and Client

The project was awarded to a consortium of three members, with Waaree Renewable Technologies Limited being one of the key participants. The client is described as "one of the leading Power distribution Companies" in India, although specific details about the other consortium members and the exact location of the project were not disclosed.

Recent Wins and Market Position

This latest contract win comes on the heels of another recent success for WRTL. The company had previously secured a ₹40 crore contract for a battery storage system, further diversifying its portfolio in the renewable energy sector.

Market Response

The stock market responded positively to this news, with WRTL's share price increasing by 4% to reach ₹4,650. This uptick reflects investor confidence in the company's growing order book and its strengthening position in the solar power industry.

Company's Outlook

With these recent contract wins, Waaree Renewable Technologies Limited is positioning itself as a significant player in India's renewable energy landscape. The substantial size of the solar project and the additional battery storage contract demonstrate the company's capability to handle large-scale, diverse renewable energy projects.

As India continues to push for increased adoption of renewable energy, companies like WRTL are likely to play a crucial role in the country's transition towards cleaner power sources. The successful execution of these projects will be key to WRTL's future growth and market position in the competitive renewable energy sector.