Renewable Energy Stock Gets Rs 31 Crore Order Boost; EPC Contract Value Rises To Rs 1,045 Crore
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Waaree Renewable Technologies has secured a Rs 30.91 crore increase in scope for its 980 MWp solar EPC project, raising the total contract value to Rs 1,044.69 crore while keeping project capacity and contractual terms unchanged.
✨ Key Takeaways
On Thursday, Indian equity benchmarks traded lower, with the benchmark Nifty 50 index declining 34.50 points, or 0.14 per cent, to 24,051.20. Amid the broader market weakness, Waaree Renewable Technologies share price traded at Rs 977.05, up Rs 5.35 or 0.55 per cent from the previous close, following the announcement of an increase in the value of one of its large-scale solar EPC projects.
Waaree Renewable Receives Rs 30.91 Crore Order Enhancement
Waaree Renewable Technologies Limited has received an enhancement in the scope of work under its existing Engineering, Procurement and Construction (EPC) contract for a 980 MWp / 700 MWac solar power plant.
As a result, the commercial value of the order has increased by Rs 30.91 crore. Following the revision, the total contract value now stands at Rs 1,044.69 crore, inclusive of taxes.
Project Capacity Remains Unchanged
The aggregate project capacity remains unchanged at 980 MWp / 700 MWac, in line with the company's earlier disclosures. The scope enhancement relates to the same utility-scale solar project awarded by one of India's leading renewable energy companies.
The company clarified that while the order value has increased, all other contractual terms and conditions remain unchanged. The timeline for executing the additional scope of work will be mutually decided between the parties.
Strengthens Large-Scale Solar EPC Portfolio
The latest revision follows the original Letter of Award announced in February 2024 and subsequent updates disclosed by the company. The enhancement further strengthens the financial scope of one of Waaree Renewable's key solar EPC mandates.
The order has been awarded by a domestic entity and is classified as a commercial contract. The company also confirmed that the transaction does not qualify as a related-party transaction and that neither the promoter nor promoter group entities have any interest in the awarding company.
Renewable Energy Sector Continues To Expand
India continues to witness strong investments in renewable energy infrastructure as the country targets significant additions in solar generation capacity over the coming years. Utility-scale solar projects remain a major growth driver for EPC companies involved in engineering, procurement and construction activities.
The latest contract enhancement reflects ongoing progress in the execution of large renewable energy projects and highlights continued demand for solar infrastructure development.
Also Read - Rs 99,262 Crore Order Book: Navratna PSU Secures Rs 968 Crore EPC Contract From East Coast Railway
About Waaree Renewable Technologies
Waaree Renewable Technologies Limited is engaged in the renewable energy sector, offering Engineering, Procurement and Construction (EPC) services for solar power projects across utility-scale, commercial and industrial segments.
The company is part of the Waaree Group and has established a presence in India's fast-growing solar energy market. It provides end-to-end solutions covering project design, engineering, procurement, construction and commissioning of solar power assets.
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Disclaimer: The article is for informational purposes only and not investment advice.