Waaree Renewable Technologies Ltd, a subsidiary of Waaree Energies Ltd, has secured two engineering, procurement and construction (EPC) contracts for ground-mounted solar photovoltaic (PV) projects with a combined capacity of 800 MWac (1,082 MWp), the company announced in a regulatory filing on July 26, 2026.
Contract Details
According to the filing, the company received two Letters of Award (LoAs) for the execution of two solar PV plants. The first plant is for 400 MWac/530 MWp, and the second is for 400 MWac/552 MWp, aggregating to 800 MWac/1,082 MWp.
"We wish to inform you that Waaree Renewable Technologies Limited... has received two Letters of Award for execution of Engineering, Procurement and Construction (EPC) works for two ground-mounted Solar PV plants of 400 MWac/530 MWp and 400 MWac/552 MWp respectively, aggregating 800 MWac/1,082 MWp," the company said in its stock exchange filing.
The contracts have been awarded by "one of India's leading Renewable Energy companies," though the identity of the customer and the contract value were not disclosed.
Project Timeline and Nature
The projects are domestic in nature and involve commercial EPC work for utility-scale, ground-mounted solar power plants. Waaree Renewable Technologies stated that the projects are scheduled to be completed during financial year 2027-28, in line with the terms of the awards.
The company also clarified that the order is not a related-party transaction and that neither its promoter nor its promoter group has any interest in the entity awarding the contracts.
Company Background
Waaree Renewable Technologies is a subsidiary of Waaree Energies Ltd, one of India's largest solar module manufacturers and EPC service providers. The company has executed numerous large-scale solar projects across the country. This latest order adds to its growing portfolio of utility-scale solar installations.
The announcement comes as India pushes aggressively towards its renewable energy target of 500 GW by 2030, of which solar is expected to contribute a significant share. Large EPC contracts such as this are critical to meeting those goals.
Understanding the Capacity
The projects are specified in both AC and DC capacities. The AC capacity of 800 MWac represents the inverter output, while the DC capacity of 1,082 MWp refers to the total solar panel capacity. A DC-to-AC ratio of approximately 1.35 is common in utility-scale solar farms to optimize energy production during peak sunlight hours.
This dual specification is standard in solar industry contracts and allows developers to accurately size the plant for grid connection and generation.
Industry Context
India's solar energy sector has seen rapid growth, with installed solar capacity crossing 70 GW as of mid-2026. The government has been promoting domestic manufacturing and EPC capabilities through policies like the Production Linked Incentive (PLI) scheme and basic customs duty on imported solar cells and modules.
Waaree Energies has been a key beneficiary of these policies, with its manufacturing capacity expanding significantly. The company's EPC arm, Waaree Renewable Technologies, has been consistently securing large orders from leading renewable energy developers.
This contract win further solidifies Waaree's position in the competitive solar EPC market, where it competes with players like Tata Power Solar, Sterling and Wilson, and Larsen & Toubro.
Financial and Strategic Impact
While the exact financial value of the contracts remains undisclosed, the scale of 1.08 GWp indicates a significant order size. For context, utility-scale solar EPC costs in India typically range from ₹3-4 crore per MW, implying the total contract could be worth over ₹3,200 crore (approximately $385 million).
Completion by FY2027-28 suggests a multi-year execution timeline, providing revenue visibility for Waaree Renewable Technologies over the next two to three fiscal years.
The company's stock, listed on the Bombay Stock Exchange, has performed strongly in recent months, buoyed by a robust order book and favorable policy environment.
Previous Achievements
Waaree Renewable Technologies has a track record of executing large solar EPC contracts. In 2025, the company completed a 500 MW solar project in Rajasthan and has several ongoing projects totaling over 2 GW. This new order adds to its order book, which stood at approximately 3.5 GW as of June 2026.
The company's ability to secure repeat business from leading renewable energy firms underscores its technical expertise and operational efficiency.
