Waaree Renewable Technologies Bags 980 MW Solar Project Worth Rs 990 Cr

Renewable Energy Company, Waaree Renewable Technologies has announced that it has bagged an order worth Rs 990.60 crore for a 980 MWp solar project, reported news agency PTI. The new order came from one of the leading renewable energy companies in India, Waaree Renewable Technologies Ltd (Waaree RTL) said in a stock exchange filing. The project is scheduled to be completed within 12 months as per the LOA.

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Waaree Renewable Technology has also witnessed a surge in its shares which was upto 5 percent post the announcement regarding bagging the Rs 990.60 crore project.

Apart from that, Waaree Renewable Technologies Limited is now anticipating a rise in opportunities for solar developers in India in the coming days. This is likely to see a transition of the order books of the developers, the top management opined in a recent investors call. Dilip Panjwani, Chief Financial Officer (CFO) of Waaree Renewable, told its investors in its recent conference call that the majority of the orders it received had been from the Independent Power Producers (IPP) but the orders from Indian Public Sector Utilities (PSUs) are also slated to escalate in coming days. Panjwani also explained that bagging orders in the PSU segment and the utility-scale segment are two different ball games. He said that in PSU projects, it is the competitive prices that dominate the orders, but in the utility segment and C&I, experience and optimisation work well. As far as PM Suryodaya Yojana is concerned, the top management of Waaree Technologies has said that it would focus mostly on large solar projects of MW scale.