Waaree Renewable Technologies Aims To Grow Its IPP Business

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Waaree Renewable Technologies, the EPC arm of Waaree Group, claimed that it wants to boost its role as a renewable energy generator under the Independent Power Producer (IPP) category. The information was shared by Dilip Panjwani, Chief Financial Officer of the firm, in the latest investors’ call.

Panjwani said the IPP business is ‘cash-intensive’ and needed an informed decision to execute it. The firm currently showcases a 40 MW capacity in the IPP portfolio.

“We have an IPP portfolio. The whole sector is cash-intensive. There is also the C & I sector in IPP. We will definitely like to monetize it. We are talking to the clients to take this up and take up more IPP. We can take this up, but it depends on many factors. We can push for it if we get remunerative deals. There are also longer-period PPAs under this category. So we have to be careful about this. But we do have a focus on it,” Panjwani said.

The firm meanwhile also discussed its order books for FY24. Panjwani claimed that the firm already had an order book of 897 MW for FY24, out of which it executed 218 MW during the first half (H1) of FY24. He also said that a substantial quantum of the remaining orders would be executed during the second half of FY24. He also said that the lower module prices could help the Indian solar industry to grow, but the ultra-cheap solar modules and their import could also pose new long-lasting challenges to the sector.

The firm said most of its business comes from the private sector, especially the C&I segment. It also added that it continues to bid on government projects which are larger in size. As per the latest details submitted by the firm, it has around 50MW of rooftop-mounted projects, 897 MW of project site under the planning and execution stage, 1.5 GW of ground-mounted projects in the country and outside. It also boasts 270 MW of ground-mounted projects under IPP and solar park scheme. It also has 490 Mw of O&M portfolio of solar solar power plant assets. 

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