Waaree Renewable Technologies Ltd has recently secured a significant contract to develop a solar power project with a capacity of 3.40 MW DC/2.77 MW AC. The company announced this achievement today, indicating that the scope of the contract encompasses Engineering, Procurement, and Construction (EPC) services, which will be executed on a turnkey basis.
This marks a substantial step for Waaree Renewable Technologies as they continue to contribute to the renewable energy sector. The project, which is valued at approximately ₹8.58 crore (excluding taxes), is scheduled to be completed during the 2024-25 financial year. The development is a significant move in India’s ongoing efforts to expand its renewable energy resources and transition towards more sustainable energy solutions.
The contract underscores the company’s role in supporting India’s green energy goals and advancing its expertise in solar power projects. Shares of Waaree Renewable Technologies were observed trading at ₹1,435.95 on the Bombay Stock Exchange (BSE) as of 2.25 pm today. This represents a decrease of ₹31.10 or 2.12 percent from the previous trading value.
The fluctuation in share prices is a typical occurrence in the financial markets, reflecting the dynamic nature of stock trading. The order was awarded to WAAREERTL, a subsidiary of Waaree Energies Ltd. The project will be undertaken for a domestic client, although the identity of the client has not been disclosed publicly. The absence of information about the client’s identity does not impact the project’s scope or execution.
The company has clarified that the contract does not involve any related party transactions, ensuring transparency in the dealings. Additionally, the promoter group of Waaree Renewable Technologies does not hold any interests in the awarding entity, further reinforcing the objectivity and integrity of the process.
This contract highlights Waaree Renewable Technologies’ continued commitment to advancing renewable energy projects and their capability in handling substantial EPC contracts. The completion of this solar power project will not only enhance the company’s portfolio but also contribute significantly to the broader objective of increasing renewable energy capacity in India.
Overall, this development is a testament to the growing opportunities in the renewable energy sector and the increasing role of companies like Waaree Renewable Technologies in meeting the energy needs of the future. As India continues to push for greater adoption of renewable energy sources, projects such as these play a crucial role in achieving the nation’s sustainability targets and reducing reliance on non-renewable energy sources.
Waaree Renewable Technologies Ltd is a leading provider of solar energy solutions, specializing in the development and execution of large-scale solar projects. As a subsidiary of Waaree Energies Ltd, the company focuses on Engineering, Procurement, and Construction (EPC) services. Committed to advancing renewable energy, Waaree Renewable Technologies plays a pivotal role in India’s green energy transition.
