Waaree Renewable Technologies Secures 210MW Solar EPC Order

Waaree Renewable Technologies Ltd has announced a significant turnkey EPC contract win for a 210 MWp (150 MWac) grid-connected ground-mount solar project.

Reader Takeaway: Strong order pipeline growth driven by new EPC win; execution timeline extends to FY28.

What just happened

Waaree Renewable Technologies secured a turnkey Engineering, Procurement, and Construction (EPC) contract for a 210 MWp solar project. The company will also provide operation and maintenance (O&M) services for two years post-commissioning. The client is Solaris Horizon Energy Private Limited (SHEPL), identified as a step-down subsidiary of Waaree Energies Limited.

Why this matters

This order enhances Waaree Renewable Technologies' order book and provides clear revenue visibility for future financial years. The inclusion of O&M services brings a recurring revenue stream after the project's completion, contributing to long-term profitability.

The backstory

Waaree Renewable Technologies is actively involved in executing solar power projects. This contract win continues the company's momentum in securing new projects within the renewable energy sector.

What changes now

The company will commence EPC activities for the 210 MWp project, with the execution expected to span over the financial years leading up to FY 2027-28. The O&M services will commence post-commissioning.

Risks to watch

While the order is positive, investors should note the long execution timeline extending into FY 2027-28. The related-party nature of the transaction, though stated to be at arm's length, requires ongoing monitoring for governance. Delays in project execution or regulatory changes could impact the project's profitability.

Peer comparison

Waaree Renewable Technologies operates in a competitive solar EPC market alongside players like L&T, Sterling and Wilson, and Tata Power Solar. Securing large-scale projects is crucial for maintaining market share and growth.

Context metrics (time-bound)

The project has a DC capacity of 210 MWp and an AC capacity of 150 MWac. The O&M service period is 2 years. Execution is scheduled for FY 2027-28.

What to track next

Investors will be keen to monitor the company's progress on project execution, any further order wins, and financial performance updates, particularly regarding the profitability of this new contract.