Waaree Renewables Wins Major Solar EPC Project Contract

Waaree Renewable Technologies experienced an increase of 2.53%, reaching Rs 1,038.95, following the receipt of a Letter of Award (LOA) for the implementation of a large-scale solar project with a capacity of 870 MWac/1218 MWp.

The contract, valued at around Rs 1,252.43 crore, has been granted by Waaree Forever Energies, which is a subsidiary of the parent company. This comprehensive Engineering, Procurement, and Construction (EPC) agreement encompasses the establishment of a grid-connected ground-mounted solar power facility, a 33kV/400kV substation, transmission line construction, and two years of operations and maintenance support.

The project is anticipated to be completed in the financial year 2026-27, contingent upon obtaining necessary statutory approvals. This order is classified as a related party transaction, as it has been awarded by a company within the same group, yet it has been executed at arm's length. Waaree Renewable Technologies, headquartered in Mumbai, operates as a subsidiary of the Waaree Group and spearheads the group's Solar EPC operations.

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Beyond engineering, procurement, and construction, the company is involved in the development, financing, construction, ownership, and operation of solar power projects, aligning with its long-term investment strategy.

 Its operations extend across various regions, primarily targeting commercial and industrial clients. Established to leverage the growth of the renewable energy sector, Waaree Renewable Technologies provides services to its customers by executing on-site solar installations, which include both rooftop and ground-mounted systems, as well as off-site open access solar farms aimed at delivering clean energy solutions.