The order, valued at approximately Rs 1,252.43 crore, has been awarded by Waaree Forever Energies, a subsidiary of the holding company. The turnkey Engineering, Procurement and Construction (EPC) contract includes the setup of a grid-connected ground mount solar power project, a 33kV/400kV substation, transmission line works, and two years of operations and maintenance services.
The project is scheduled for completion in the financial year 2026-27, subject to statutory approvals. The order qualifies as a related party transaction, being awarded by its group company, but has been undertaken at arm's length.
Waaree Renewable Technologies, based in Mumbai, is a subsidiary of the Waaree Group and leads the group’s Solar EPC operations. In addition to engineering, procurement, and construction, the company develops, finances, builds, owns, and operates solar power projects as part of its long-term investment approach. Its activities span multiple geographies, with a primary focus on commercial and industrial customers. Formed to capitalize on the expanding renewable energy sector, Waaree Renewable Technologies serves its clients by implementing on-site solar installations—including rooftop and ground-mounted systems—as well as off-site open access solar farms dedicated to providing clean energy solutions.
On a consolidated basis, net profit of Waaree Renewable Technologies surged 205.44% to Rs 86.44 crore while net sales rose 155.21% to Rs 603.19 crore in Q1 June 2025 over Q1 June 2024.