Waaree Subsidiary Sangam Renewables Commissions 16 MW Solar Plant

Sangam Renewables, a publicly listed subsidiary of Waaree Energies, has announced on March 4 that it has commissioned a 16 megawatt (MW) solar project in Gavhankund, Maharashtra. The project has been commissioned through subsidiary Waacox Energy Private Limited, Sangam Renewables said in an exchange filing.

“Waacox Energy Private Limited, a material subsidiary, of the company has successfully commissioned the 16 MW mounted solar project in Gavhankund, Maharashtra under the Agri feeder scheme of Maharashtra government for MAHAGENCO,” the filing said. The firm had declared a total income of Rs 7.37 crores in 2019-20, and a net loss of Rs 3.17 crore in 2019-20. However, that hasn’t stopped the firm’s share price to appreciate over 300 percent in the past year on the BSE, driven by the high hopes from the renewables sector. However, it has swung back into profits in the nine months ended December 2020 for this financial year.

Agri-feeder projects have been considered a strong growth option for smaller firms to build on, especially in states where they have a strong existing presence to be able to manage the state-level bureaucracy in their respective states. For Sangam, Waaree’s larger national footprint would probably mean more opportunities than many other competitors in the space.  For Waaree, like other manufacturers, an EPC subsidiary is a good pipeline for its module output of course.

In February, Convergence Energy Services Limited (CESL), a wholly-owned subsidiary of Energy Efficiency Services Limited (EESL), had issued a tender, seeking bids from eligible firms for setting up 100 MW solar power generating systems (SPGS) across various locations in Maharashtra.

The scope of work for the selected bidders will include the design, engineering, supply, construction, erection, testing and commissioning of 100 MW (cumulative) SPGS in Maharashtra with individual projects ranging between 2 MW and 10 MW. The developers will also be required to provide operation and maintenance (O&M) services for the plants for a period of 12 years from the date of successful commissioning. The last date for bid submission on the tender is March 17, 2021.

Prior to that in January, SECI had issued a tender, seeking developers for the execution of green energy technologies by way of implementing a ground-based solar plant of 40 MW capacity with a 10 MW Agro PV system in the southern state.