Waaree Energies Secures Two Solar Module Projects Totaling 398 MW

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Waaree Energies Secures Two Solar Module Projects Totaling 398 MW

| The orders are from a renowned client engaged in the business of owning, developing and operating renewable power projects in India

December 16th, 2024 News

Introduction: Waaree Energies Ltd., one of India’s leading solar module manufacturers, has announced that it has secured two major projects aggregating 398 MW for the supply of solar modules. The company made the announcement through a stock exchange filing on Monday, December 16, 2024.

Project Details:

Total Capacity: 398 MW
Breakdown: One project accounts for 249 MW, and the other for 149 MW.
Client: The orders are from a renowned client engaged in the business of owning, developing, and operating renewable power projects in India.
Supply Timeline: Waaree Energies will commence the supply of solar modules in FY26.

Additional Developments: Waaree Energies has been consistently strengthening its position in the renewable energy sector. Here are some recent milestones:

170 MW Solar Power Plant in Madhya Pradesh:
- Last week, Waaree Energies’ wholly-owned subsidiary, Waaree Forever Energies, secured a 170 MW solar power project from Rewa Ultra Mega Solar Ltd.
- The plant will be integrated into the Inter-State Transmission System (ISTS) to facilitate the supply of clean energy.
- The energy generated will be supplied to the Madhya Pradesh Power Management Company Ltd and Indian Railways.
NABL Accreditation for Testing Facilities:
- Earlier this month, Waaree Energies received accreditation from the National Accreditation Board for Testing and Calibration Laboratories (NABL) for its Chikhli facility in Gujarat.
- This marks Waaree’s second NABL-certified facility after its Tumb manufacturing unit.
- According to Waaree’s CEO, Amit Paithankar, the accreditation will allow for high-quality domestic testing, reducing reliance on foreign labs and saving significant time and resources.

Waaree Energies’ Stock Performance:

On Monday, December 16, Waaree Energies shares were trading 1.6% lower at ₹3,165.6 apiece as of 11:40 AM.
Despite the slight dip, the stock has shown strong performance, gaining 35.35% year-to-date.

Conclusion: Waaree Energies’ ability to secure large-scale projects reflects its growing presence in the renewable energy sector and strengthens its role as a key contributor to India’s clean energy goals. With notable projects in the pipeline and advancements in quality assurance through NABL certifications, the company is poised for significant growth in the coming years.

Key Takeaways:

Secured two solar projects totaling 398 MW.
Supply to commence in FY26.
Recent developments include a 170 MW project in Madhya Pradesh and NABL accreditation for its testing facilities.
Stock performance: 35.35% growth this year, reflecting investor confidence.