Solar Alone Not Enough: Waaree RTL Bets On Storage, Data Centres For Next Growth Phase

Waaree Renewable Technologies Ltd (RTL), the EPC arm of the Waaree Group, expects India’s renewable energy buildout to accelerate beyond current forecasts, driven by large utility-scale solar projects, rising industrial demand and the rapid integration of battery storage into power tenders. 

Speaking during the company’s latest investor call, the top management said the pace of solar installations in India has already exceeded earlier expectations, with more than 30 GW added in the first nine months of the current financial year, suggesting the country could meet — or even surpass — its 500 GW non-fossil capacity target ahead of schedule.

“Two to three years ago, these annual installation numbers were seen as ambitious. We are now achieving them within months,” the company said, pointing to growing demand from industries seeking reliable and green power.

Order book strength underpins visibility

Waaree Renewable said it continues to see strong execution visibility, supported by an unexecuted order book of 2.92 GW, which includes turnkey EPC contracts as well as projects where module supply is part of the scope, depending on customer requirements.

Beyond confirmed orders, the company is actively tracking a 29 GW project pipeline, including 5–6 GW of tenders currently under evaluation, spanning both domestic and international markets. Management said enquiries are rising from newer geographies as renewable adoption broadens beyond traditional solar-heavy states.

“The pipeline remains robust and diversified, which gives us confidence in sustaining execution momentum over the coming quarters,” the company said.

Battery storage moves to centre stage

Management flagged battery energy storage systems (BESS) as one of the most significant structural shifts underway in India’s renewable sector. As solar and wind penetration increases, storage is increasingly being mandated to support grid stability and ensure reliable peak-time supply.

Waaree Renewable said it is already executing a battery storage project and is seeing growing demand for one-hour and two-hour storage solutions, particularly when bundled with solar EPC contracts. The company is also evaluating BESS-led EPC opportunities linked to data centres, where uninterrupted power supply is critical.

“Storage is no longer a standalone discussion. It is becoming integral to how renewable projects are being designed and tendered,” management said.

EPC model evolves beyond solar

While solar EPC continues to form the backbone of the business, Waaree Renewable said its operating model is gradually evolving to include battery storage, owned power generation assets and long-term operations and maintenance (O&M).

Management said this diversified approach is intended to create more predictable and recurring revenue streams over time, as India’s installed renewable base expands and asset owners increasingly prioritise performance, uptime and lifecycle efficiency.

Domestic sourcing, risk management in focus

On execution risks, the company said it has structured its contracts to minimise exposure to commodity price volatility by locking in procurement once orders are finalised. Most components — including transformers, cables and balance-of-system equipment — are sourced domestically, while module supply is aligned with customer preferences and approved vendor lists.

The company said it does not directly import modules from China, reducing exposure to geopolitical and trade-related disruptions.

Outlook: faster growth, broader ecosystem

Looking ahead, Waaree Renewable said it expects renewable capacity additions to remain strong well beyond 2030, driven by falling storage costs, the emergence of green hydrogen and growing electrification across industries.

Management also highlighted opportunities across the wider manufacturing and services ecosystem — including storage integration, O&M, and grid-support infrastructure — as India transitions from rapid capacity addition to system-level optimisation.

“The opportunity is no longer just about adding megawatts,” the company said. “It is about building reliable, integrated clean energy systems at scale.”