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Waaree Renewable Secures EPC Order for 28.6 MW Ground-Mounted Solar Project

Turnkey contract valued at nearly Rs 965 million; execution scheduled for FY 2027. Waaree Renewable Technologies, the engineering, procurement, and construction (EPC) arm of the Waaree Group, has received a letter of award for the turnkey execution of a 28.6 MW ground-mounted solar power project from an undisclosed Indian client.

The EPC contract is valued at approximately Rs 965.1 million (~$10.74 million) and is slated to be executed during FY 2027, the company said in a regulatory disclosure.

Waaree clarified that neither its promoters nor any promoter group entities have any financial or operational interest in the awarding company. The transaction also does not qualify as a related-party arrangement.

Recent and ongoing project wins

This latest order follows another major EPC mandate secured in October 2025, when Waaree Renewable Technologies received a letter of award for a 150 MW ground-mounted solar project from an unnamed renewable energy company. That contract was valued at around Rs 1.56 billion (~$17.81 million).

Financial performance and project pipeline

During the second quarter of FY 2026, Waaree reported consolidated revenue from operations of Rs 7.75 billion (~$87.37 million), marking a 47.73% year-on-year increase from Rs 5.24 billion (~$59.14 million) in the corresponding quarter of the previous year.

As of the first half of FY 2026, the company’s unexecuted order book stood at 3.48 GW, with projects scheduled for execution over the next 12 to 15 months. Waaree also reported a bidding pipeline exceeding 27 GW.

During Q2 alone, the company secured EPC contracts for two ground-mounted solar projects, with capacities of 1,218 MW and 29.4 MW, respectively.

Capital expenditure approvals and large-scale EPC projects

The board of directors has approved capital expenditure for setting up two 14 MW solar power projects in Maharashtra, totaling 28 MW. In addition, capex approval has been granted for a 37.5 MW solar project in Bikaner, Rajasthan.

In June 2025, Waaree received a letter of award from Purvah Green Power for the EPC of a 300 MW solar project in Bikaner, Rajasthan, valued at Rs 3.46 billion (~$40.49 million) and scheduled for completion within the current financial year.

Earlier, in December 2024, the company won a 2 GW solar EPC contract in Bikaner from Sunbreeze Renewable Nine, a special-purpose vehicle of Jindal Renewables, further strengthening its position in India’s utility-scale solar EPC market.