Waaree Renewable Technologies has announced that it has acquired a ₹90 crore solar power project. This project, which will have a capacity of 30 MW DC, will be completed on a turnkey basis. It is expected to be finished within the fiscal year 2024-25.
This project is a significant achievement for Waaree in the renewable energy sector. According to Waaree Renewable Technologies Ltd (WAAREERTL) in its exchange filing, the project’s value of ₹90.29 crore excludes taxes. The company has not disclosed the identity of the awarding entity.
The company’s financial performance showed remarkable growth, with revenue increasing by 347 percent from Rs 61 crore in Q4FY23 to Rs 273 crore in Q4FY24. During the same period, net profit rose by 350 percent from Rs 12 crore to Rs 54 crore.
As of March 2024, Waaree Renewable Technologies had an unexecuted order book of 2,365 MW and had successfully executed 704 MWp of orders. The company has significant projects lined up for the next 18 months, indicating a strong pipeline in the renewable energy sector.
Some of the major projects in Waaree’s outstanding order book include a 70 MW ground-mounted solar power project and a 4.27 MW rooftop solar power project. These projects contribute to Waaree’s strong position in the renewable energy sector, setting the stage for future growth and success.
Waaree Renewable Technologies Ltd., a prominent player in the renewable energy sector, operates across India and globally, focusing on solar energy solutions. Established in 1989, the company has grown into a leading manufacturer and provider of solar photovoltaic modules, EPC solutions, and rooftop solar installations.
Waaree’s commitment to innovation and sustainability is reflected in its advanced manufacturing facilities and robust R&D efforts. The company plays a crucial role in promoting clean energy adoption through its comprehensive range of products and services, contributing significantly to the renewable energy landscape.
