Waaree Renewable Technologies Ltd., a subsidiary of Waaree Energies Ltd., has announced the receipt of a massive Engineering, Procurement, and Construction (EPC) contract worth ₹1,252.43 crore from its group entity, Waaree Forever Energies Pvt. Ltd. The order covers the development of a large-scale ground-mounted solar power project with a capacity of 870 MWac / 1,218 MWp, marking one of the largest EPC assignments in the company’s portfolio.
Project Scope and Deliverables
The contract includes complete EPC responsibilities for the project, which is set to be commissioned in the financial year 2026–27, subject to regulatory and statutory approvals. The scope spans from the supply and installation of solar modules to civil and electrical works, ensuring seamless integration of the power plant into the grid.
Key deliverables include:
- Construction of a 33 kV/400 kV substation for effective grid connectivity.
- Establishment of a robust transmission line network to ensure efficient evacuation of power.
- Two years of operations and maintenance (O&M) services post-commissioning to guarantee stable performance and reliability.
This comprehensive scope highlights Waaree Renewable’s growing expertise not just in solar module supply, but also in executing turnkey projects with long-term service commitments.
Strategic Importance
The ₹1,252 crore order strengthens vertical integration within the Waaree Group. By awarding the project to Waaree Renewable Technologies, the group leverages its in-house EPC arm, ensuring better capacity utilization and execution control.
At 870 MWac, the project represents a significant addition to India’s renewable energy landscape. It places Waaree firmly in the league of top solar EPC players capable of executing gigawatt-scale projects, a segment increasingly in demand as India accelerates its clean energy transition. The inclusion of O&M services also spreads responsibilities over time, boosting Waaree’s credibility for future large-scale bids.
Financial Impact and Market Response
The new order provides strong visibility for Waaree Renewable Technologies’ future revenues. The company has already been showing robust financial growth. For the quarter ending June 2025, Waaree reported a net sales increase of over 155% year-on-year to ₹603.19 crore, while net profit surged more than 200% to ₹86.44 crore.
Following the announcement of this order, Waaree Renewable’s stock reacted positively, jumping by around 2.5% in the immediate session and continuing to attract investor interest. The order bolsters its project pipeline and reinforces confidence in its execution capabilities.
Challenges Ahead
While the order is a major milestone, challenges remain in terms of land acquisition, regulatory approvals, transmission readiness, and module procurement timelines. Execution risks are common in such large-scale projects, but Waaree’s established experience in EPC and its strong financial base put it in a favorable position to manage these complexities.
Conclusion
The ₹1,252 crore EPC contract win marks a pivotal achievement for Waaree Renewable Technologies. It not only adds significant strength to its order book but also reinforces its position as one of India’s leading solar EPC providers. With an ambitious capacity of 870 MWac, a comprehensive scope covering substations, transmission lines, and O&M, and a delivery target in FY 2026–27, this project is set to play a crucial role in Waaree’s growth journey and India’s renewable energy expansion. The market response further underlines investor confidence in Waaree’s ability to deliver at scale and sustain momentum in the competitive solar energy sector.
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