Waaree Renewables Technologies Wins Rs 547.5 Crore EPC Order

Mumbai headquartered Waaree Renewable Technologies Limited (WAAREERTL) has secured a Letter of Award (LOA) as per which the company will be executing an Engineering, Procurement and Construction (EPC) work for a solar power project of 412 MWp /335 MWac. This will be executed on a turnkey basis.

The EPC work order of Waaree for the solar power plant has an order value of Rs. 547.5 crore. Waaree has also received Operations and Maintenance (O&M) in the Letter of Award (LOA) for a period of two years from the date of Hand Over – Take Over. This order value for this category is of Rs. 6.798 crore.

With the above secured order, the unexecuted order book of Waaree now stands at 1.161GW.

The terms of the LoA hold that the projects are scheduled to be completed by December 31, 2024 which is the end of this year. The location of the solar power project and the client’s name is yet to be disclosed by Waaree.

Recently in December, Waaree said it has bagged an order of 4.27 MW capacity solar projects from a leading integrated glass and window solution company. The said solar projects are scheduled to be completed in 2024-25 in various tranches, as per the terms of the order.

Recently, Waaree revealed its earnings for the quarter ended December 2023 and held that its consolidated profit after tax (PAT) more than doubled, rising to ₹64.46 crore. In the corresponding period in the previous fiscal, the PAT is actually 158% higher than its PAT of ₹24.98 crore.

Waaree is striving to improve its stock liquidity. A week ago, the company held that it will seek shareholders’ approval to split equity shares with a face value of Rs10 each into five shares of Rs 2 each through a postal ballot notice. This will encourage small investors too.