Shares of Waaree Energies Ltd are in focus after the company said a wholly-owned subsidiary Waaree Forever Energies received Letter of Award (LoA) for the development of 170 MW solar power plant in Madhya Pradesh, from Rewa Ultra MegaSolar Limtied (RUMSL).
Waaree Energies informed stock exchanges that the solar power plant will enable the generation and transmission of clean energy via the Inter-State Transmission System (ISTS). The project will supply renewable energy to Madhya Pradesh Power Management Company Ltd and Indian Railways, thus, contributing significantly to India’s renewable energy goals.
Earlier this week, the company bagged an order for supply of solar modules upto 1 GW from a customer engaged in the business of owning, developing and operating renewable power projects in India.
Waaree Energies also received orders for supply of modules upto 364 MWp and 160 MWp from renowned customers engaged in the business of owning, developing and operating renewable power projects in India.
Among other key developments, Waaree Energies incorporated a new wholly-owned subsidiary in Australia by the name of Waaree Renewable Energies Australia. The said wholly-owned subsidiary was incorporated on December 6. The company board recently approved an investment of Rs 600 crore for setting up of infrastructure including land and connectivity for the developing renewable power projects and bidding pipeline.
Headquartered in Mumbai, Waaree Energies has an installed capacity of 13.3 GW for solar PV modules, including 1.3GW of Indosolar. It offers solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems.
"Waaree has indicated strong growth avenues with its domestic and overseas expansion plans. Moreover, it undertakes solar EPC projects via its listed subsidiary Waaree Renewable Technology (WRTL: 74.51% of WEL). Waaree is also looking to tap into nascent opportunities in: i) G H2 electrolyser manufacturing; ii) lithium-ion advanced chemistry storage cell and energy storage system; and iii) board-approved investment of INR6bn for renewable power projects. The stock is not rated," Nuvama said recently.