Waaree Renewables Gets ₹346 Crore Order From CESC

Waaree Renewable Technologies Ltd announced it had secured a major ₹346 crore solar EPC contract from CESC Ltd. The project includes the development of a 300 MW AC solar power plant in Rajasthan and marks a significant addition to Waaree’s order book.

Key Project Details

As per the regulatory disclosure, the contract has been awarded on a turnkey basis. It encompasses the design, supply, installation, and commissioning of the solar plant, along with comprehensive operations and maintenance (O&M) services for a period of three years.

Waaree’s scope of work includes:

• Civil and electrical construction
• Module mounting structure supply
• Balance of System (BoS) installation
• Grid interconnection infrastructure

The project is scheduled for completion within 12 months from the issuance of the Letter of Intent (LoI).

Market Reaction

Investor sentiment turned positive following the announcement. As of 11:50 AM on the day of the news, Waaree shares were trading at ₹1,038.80, marking a 1.43% intraday rise. Waaree Renewables shares are trading with a 0.66% gain on June 3, 2025, at 3:28 PM.

Strategic and Sectoral Significance

This EPC win highlights Waaree’s growing influence in India’s solar energy sector, particularly in utility-scale projects. The company continues to focus on high-margin, large-scale contracts, while diversifying its clientele beyond state utilities to include private players.

The project also aligns with India’s broader clean energy targets, which include achieving 500 GW of non-fossil fuel capacity by 2030. Waaree’s integrated value chain spanning solar module manufacturing to EPC services positions it strongly amidst pricing and supply chain fluctuations impacting the sector.

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