Waaree Renewable Technologies Ltd. has secured an Engineering, Procurement, and Construction (EPC) contract for a 22 MW solar project with ISMT Limited. This partnership underscores Waaree’s growing influence in the renewable energy sector and highlights the increasing commitment of industrial players like ISMT towards sustainable practices.
What is the scope of this contract?
Waaree Renewable Technologies – a subsidiary of Waaree Energies – is a leading name in the renewable energy sector that has been at the forefront of driving solar energy solutions across India. As per the latest contract with ISMT, the company will provide turnkey engineering, procurement, and construction of a 22MW AC (30 MWp DC) ground-mounted solar project. The project will be located in Helas village, Jalna district in Maharashtra.
The scope of Waaree Renewable Source under this contract includes:
- Design
- Engineering
- Procurement
- Supply
- Installation
- Commission of solar plant
What does this strategic partnership mean for sustainable energy?
This strategic partnership between Waaree Renewable Technologies Ltd (WRTL) and ISMT Ltd holds significant implications such as achieving net-zero emissions. Here’s what it could mean for sustainable energy in India:
- Acceleration of renewal energy adoption in India
- Boost in the local manufacturing and expertise of bifacial solar modules
- Showcasing India’s growing capabilities in solar technology
- Enhancing grid infrastructure
- Promoting land utilization for clean energy
- Long-term sustainability
- Job creation and skill development
- Technological advancement
Senior Management Comments
Viren Doshi, Executive Director of Waaree Renewable Technologies, “This project may highlight our capabilities in executing large-scale solar installations and our commitment to fostering sustainable energy solutions. We are dedicated to delivering this project with high standards of excellence, leveraging our engineering expertise.”
Implications of this contract
In terms of financial implications, the company’s consolidated revenue surged Rs. 38,966.08 million during FY 2022-23. For Waaree Renewable, this contract will likely boost its revenue projections which will positively impact Waaree’s financial performance.
In terms of impact on the Indian markets, there will be increased adoption as the lower costs will make solar energy accessible to a broader audience. The increased adoption of solar installations will also contribute to India’s renewable energy targets.
Interested in buying Waaree Energies shares?
As India progresses towards its renewable energy goals, partnerships like this will be driving forces towards a greener and more sustainable future. Looking at the several milestones of Waaree Energies, we can say that the company’s value will soon shoot up. Currently, the waaree Energies Ltd share price is now sitting at ₹2,250.
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