FY25: Waaree Renewable Looks Forward With 2.4 GW Orders

FY25: Waaree Renewable Looks Forward With 2.4 GW Orders

Waaree Renewable, the EPC arm of the Waaree Group, is now buoyed with a total of 2.4 GW of order book. The company, overwhelmed with its recent orders and its increased interest in government tenders now also expects a plum business for the solar EPC companies in India. The renewable company attributed this to the increase in interest of the government to make the sector bloom.

In its latest investors call, the top management of the firm told its investors that the firm has an un-executed order book of 2,191 MW. On the other hand Waaree Renewable executed 217 MW of orders in the first quarter of financial year 2024-25. Dilip Panjwani, Chief Financial Officer (CFO) of Waaree Renewable also said that the domestic solar market in India is expanding. He also pointed out at the lesser interest of the firm as of now to look at the global markets for its EPC business.

“Look, for us, the domestic market is quite compelling, but that doesn’t mean we have ruled out export markets. But our focus right now, there’s so much of opportunity that’s happening in India. And we want to capture a slice of that first before we venture out. At an opportune time, we will inform all our stakeholders on our export-driven markets. So right now, we are focusing on domestic markets,” he told the investors. Waaree Renewable, which is now also bidding for battery energy storage projects and hybrid projects see a good opportunity for the sector, going by the estimates.

Energy storage projects 

“There are enough research reports which say that give and take what will be the number, if you take even BESS projects, which is battery energy storage system, there are two numbers, one is 42 gigawatt and another is roughly around 72 gigawatt by 2030. So, even if you take the lower number at 42 gigawatt, the spend that is likely to happen is INR14 lakh crores in that sector alone. Okay. Then there are RTCs and, you know, green hydrogen, green ammonia. So, we are seeing a decade of inflation growth in this sector, you know. So, for me to put a number and restrict myself will be, not putting a vision for my stakeholders, you know,” the CFO of Waaree Renewable said.

The company believes that the government might come close to its 50 GW of annual renewable energy target which can open new vaults for the EPC firms in the country.

“The macroeconomic environment still remains intact. India increased spending on renewable energy projects. So long as government policy remains effective, and they continue to remain on their commitment of 50 gigawatt of annual renewable energy, we expect even that to surpass, but it remains at 50 gigawatt. So, there’s plenty of room for growth, both this quarter and subsequent quarters as well, Panjwani said.