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Waaree Energies - a leading solar solutions provider announced recently that it will supply 445 MW of solar modules to Statkraft India. As per the Company, these 540/545Wp dual glass bifacial solar modules will illuminate single-location solar projects in Bikaner, Rajasthan.
The supply is scheduled to be delivered between May and August 2024. This contract highlights Waaree Energies' commitment to transforming India's renewable energy landscape by meeting its increasing power demands. It will support the nation's journey towards achieving net-zero emissions goals.
The Significance Of Waaree Energies Supply Deal With Statkraft India
Hitesh Doshi, chairman and managing director of Waaree Energies, highlighted the significance of the partnership with Statkraft India.
- This partnership marks a pivotal step in the mission to transform India's renewable energy landscape.
- It helps to illuminate homes and drive economic growth by harnessing solar power and leveraging the technology.
- It is a step towards advancing domestic manufacturing, empowering communities, and supporting India's journey to a sustainable future.
Waaree Energies Ltd - Pioneering Excellence in Solar Energy Solutions
Waaree Energies was founded in 1990. They commenced their operations in 2007 and focused on manufacturing solar PV modules. Here are some key highlights of the Company.
- Industry Leadership: Waaree Energies Ltd is the largest manufacturer of Solar PV modules in India.
- Capacity: The Company boasts a spectacular aggregate installed capacity of 12 GW as of 30 June 2023. This Capacity is installed at its plants in Chikhli, Surat, Tumb, and Nandigram.
- Consistent Recognition: Achieved top performer status in the Kiwa PVEL PV Module Reliability Scorecard for three consecutive years (2022, 2023, 2024).
- Global Presence: In Fiscal Year 2023, Waaree Energies established itself as a top player in the global solar module export market. They successfully supplied solar modules to more than 20 countries across the globe.
- Accreditations and Certifications: The company holds numerous international certifications. This shows its commitment to quality and reliability in its products.
Statkraft: Leaders In Renewable Power
Statkraft is a Norwegian hydropower company known for its leadership in renewable energy across Europe. Key spotlights of the Company are as follows.
- The company generates hydropower, wind, solar, and gas-fired power.
- Statkraft also supplies district heating as part of its energy portfolio.
- It operates in more than 20 countries globally with over 6,000 employees.
- They have had a presence in India since 2004. The company owns and operates a production capacity of 215 MW. They generate approximately 1,310 GWh of renewable energy annually in India.
Waaree Energies Ltd – IPO aspirations
Waaree Energies Limited plans to launch an initial public offering (IPO) of its equity shares. This is pending subject to necessary approvals, market conditions, and other factors. The company has already submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI).
Is Waree A Good Buy?
If we look at the financials Waree’s EBITDA has jumped 8X from Rs 118 crore in FY22 to Rs 835 crore in FY23. Their operating profit margin increased from 4.13% in FY 22 to 12.37% last year. This signifies a jump in Waree’s scale of operations and operating efficiency.
They have recently bagged a 412.5 MW Solar Project in Rajasthan and continue to grow in their operations. With the ongoing growth rate, investing in the current waaree energies ltd share price can be a gainful investment.
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