Waaree Renewable Technologies, the engineering, procurement, and construction (EPC) arm of the Waaree Group, has secured a letter of award for the EPC of a 150 MW ground-mounted solar project from an undisclosed renewable energy company for approximately ₹1.56 billion (~$17.81 million).

Waaree will execute the project during the financial year 2027.

In a regulatory filing, Waaree clarified that no promoter/promoter group/group companies have any interest in the project awarding entity. This transaction will also not fall within related party transactions.

In June this year, the company received a letter of award from Purvah Green Power for the EPC of a 300 MW solar power project in Bikaner, Rajasthan. The project’s contract value is ₹3.46 billion (~$40.49 million). The project is scheduled for completion this financial year.

Last December, Waaree Renewable Technologies won an EPC contract for a 2 GW solar project in Bikaner, Rajasthan, from Sunbreeze Renewable Nine, a special-purpose vehicle of Jindal Renewables.

Waaree Renewable Technologies posted a consolidated revenue from operations of ₹7.75 billion (~$87.37 million) for the second quarter of the financial year 2026, a 47.73% year-over-year increase from ₹5.24 billion (~$59.14 million).

The company reported a consolidated revenue of ₹16.13 billion (~$188,32 million) for the financial year 2025, an 83% increase from ₹8.81 billion (~$102.86 million) in the previous year. It attributed the revenue growth to a rise in the execution of high-value EPC projects.

Recently, Waaree Energies commenced commercial operations at its 950 MW solar module manufacturing plant located in the Navsari district of Gujarat. The company is planning new facilities for 3 GW of modules at Samakhiali, Gujarat; 3 GW of modules in Gujarat, Tamil Nadu, or any other location; 6 GW of solar cells at Unn, Gujarat; and 6 GW of ingots and wafers at Nagpur, Maharashtra.

As of the first quarter of the financial year 2026, Waaree has a solar module manufacturing capacity of 15.1 GW and a solar cell manufacturing capacity of 5.4 GW.