Waaree RTL Gets 40 MWh BESS Order From Continuum Green Energy

Waaree Renewable Technology (Warree RTL) has secured a Letter of Award (LOA) for an EPC work order for a 40 MWh battery storage system from Continuum Green Energy Limited. The company disclosed the project order size in a regulatory filing, which said, “The project order size is approximately INR 40 Cr.” Additionally, the company mentioned, “The project is scheduled to be completed in the financial year 2025- 26, as per the terms of the order.”

Expansion In Battery Storage 

While sharing the company’s Q3 FY’25 financial results, Dilip Panjwani, Chief Financial Officer of Waaree Renewable Technologies told in an investors call about company’s plan to expand in the battery stprage space. He said, “Yes. So EPC opportunity is what I told you is entirely our opportunity. However, if you look at our presentation, we have already said that we are now sitting on 24 gigawatt pipeline. So that’s the opportunity we are sitting as of today. But the entire market of 40 gigawatts that in the solar side that comes up along with battery and these our opportunity right now.”

Energy storage has emerged as a key area for most large EPCs in India, as the market shifts decisively towards hybrid and even Solar +Storage tenders. Wind energy, which was being seen as a key component of Hybrid tenders, risks being left behind considering the rate at which storage costs have dropped. For now, storage bids awarded till the end of last year seem to be very well placed to deliver higher than projected returns for developers, but for the risk of delays in offtake agreements or PSAs.

In many ways, that is emerging as the biggest risk to future tenders as well, and stakeholders have been wondering about the best way forward. Expect news on that front soon.