Waaree RTL Bags ₹26 Cr MSKVY 2.0 Order For 21 MW Solar Project

Waaree Renewable Technologies Ltd (WAAREERTL) has secured a Letter of Award for the engineering, procurement and construction (EPC) of a solar power project under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0), the company said in a regulatory filing.

The project includes operation and maintenance (O&M) of 21 MW AC / 29.4 MW DC capacity. The company said it has cumulatively secured orders worth ₹26.17 crore under the scheme. The project is scheduled for completion in the financial year 2025–26, the company added.

O&M services, especially solar O&M has emerged as a key growth driver for the firm in the past year, as it seeks a larger share of the installed capacity of over 110 GW of solar across the country, of which Waaree RTL probably has an addressable market of 25-30 GW to target for now. Besides that, the firm also hopes to make an impact with BESS based solutions, combining its solar expertise with energy storage services going ahead.

Waaree RTL Segment-Wise Growth

Manmohan Sharma, Chief Financial Officer (CFO) of Waaree Renewable Technologies Ltd, during the company’s Q4 and FY25 investor call, shared segment-wise growth details. "Achieving the company's ambitious target will require rapid growth, with annual capacity additions expected to reach 40 to 50 GW in the coming years," Sharma said. "On the ground, the government’s PM-KUSUM scheme has made significant strides, with 4.4 lakh solar pumps installed in FY2025 — a 4.2-fold increase over the previous year."

When asked about the order book execution period and the nature of projects involved, Sharma said: "The current order book stands at 2.2 GW, which is likely to be executed over the next 12 to 15 months. At the EPC company level, the order book is 3.2 GW.