A leading solar energy solutions provider Waaree Renewable Technologies Ltd, announced on Wednesday, November 27, that it has received a significant order for a ground-mount solar photovoltaic (PV) project.
The project has a massive capacity of 2,012.47 MWp DC, and the total contract value is approximately ₹1,233.47 crore excluding taxes.
The order was awarded by a domestic renewable energy company and the timeline will be mutually decided by the involved parties. The contract term sheet involves engineering, procurement, and construction (EPC) services for the solar project.
In its official statement, the company said, “We are pleased to inform you that WAAREERTL has received a Term Sheet for the execution of EPC works for a ground-mount solar PV project of 2,012.47 MWp DC capacity.”
Following the announcement, Waaree Technologie’s stock price hit a 5% upper circuit at ₹1,494.45. The company clarified that the awarding entity is not connected to its owners or related companies, ensuring the deal is independent.
A subsidiary of the Mumbai-based Waaree Group, it specializes in solar EPC services and also develops, finances, owns, and operates solar projects. Their focus is on delivering renewable energy solutions to commercial and industrial clients.
The company’s financial performance has also been impressive in the second quarter of September 2024, reporting a 160.52% increase in net profit to ₹53.52 crore and a 250% surge in net sales to ₹524.47 crore compared to the same period last year.
This landmark project highlights Waaree’s growing role in India’s renewable energy sector and its commitment to large-scale solar energy development.
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