Waaree Renewable Technologies Gets ₹740 Crore Contract for Solar Power Project

Waaree Renewable Technologies Ltd (WRTL) has received a Letter of Award (LOA) worth ₹740.06 crore for Engineering, Procurement, and Construction (EPC) work on a 125 MWAC (181.3 MWp DC) solar power project. The order, awarded by a major power distribution company(name undisclosed), includes turnkey execution along with operation and maintenance services.

As of March 12, 2025, at 10:14 AM, Waaree Renewables Technologies Ltd Shares traded a 1.50% up at ₹814.90.

Project Details

The project will be executed by a three-member consortium, with Waaree Renewable Technologies as one of the members. The intra-se arrangement between the consortium partners is yet to be finalised. The project is scheduled for completion within 18 months from the date of contract signing.

“we are pleased to inform you that a consortium of three members comprising our Company WAAREERTL as one of the members has received a Letter of Award (LOA) for Engineering, Procurement and Construction (EPC) works for solar power project of 125 MWAC (181.3 MWp DC) capacity on turnkey basis along with Operation and Maintenance,” according to filings.

Financial Performance

In Q3 FY25, the company reported a 16.71% decline in net profit, standing at ₹53.51 crore, compared to ₹64.25 crore in Q3 FY24. However, revenue from operations increased by 11.15% year-on-year, reaching ₹360.35 crore for the quarter ending December 31, 2024.

Previous Orders

Last year, Waaree Renewable Technologies received a term sheet for an EPC contract involving a 2012.47 MWp DC ground-mounted solar PV project. The estimated order value was ₹1233.47 crore (excluding taxes). The timeline for completion was to be determined in mutual agreement with the involved parties.

Conclusion

The awarded contract is classified as a commercial order and does not fall under related-party transactions. The project is being developed for a domestic entity in India’s power sector.

Waaree Renewable Technologies is a subsidiary of Waaree Group, which operates in the solar energy sector. The company provides EPC services and develops, finances, and operates solar power projects, catering primarily to commercial and industrial customers.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.