Waaree Energies secures major 2GW solar EPC contract from Jindal Renewables

Waaree Energies has been selected by Jindal Renewables to provide engineering, procurement, and construction (EPC) services for a 2GW solar PV plant in Rajasthan, India.

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26 Aug, 2025 12:21

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Waaree Energies Ltd shares gained 3.12 percent today, at closing, following announcement of providing engineering, procurement, and construction (EPC) services to Jindal Renewables. IT entails setting up of a 2GW solar PV plant in Rajasthan, aligning with Jindal Renewables' previously announced ambitious plan to develop 12GW of renewable energy projects, including storage and green hydrogen facilities, by 2030.

Waaree Energies Ltd. shares closed at Rs 2,862.00 today, marking an increase of 3.12 percent (Rs 86.55).

Waaree's subsidiary, Waaree Renewable Technologies Limited, will be responsible for the design, supply, construction, and commissioning of the solar plant.

"This partnership with Jindal Renewables reinforces our dedication to delivering state-of-the-art renewable energy solutions," said Viren C Doshi, director of Waaree Renewable Technologies Limited.

As of recent, the company had announced investments in renewable energy projects: Rs 551 crore in a 300 MW Electrolyser manufacturing plant and Rs 2,073 crore in a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant. These projects, along with a Rs 130 crore investment in expanding its inverter business, will be funded through a combination of debt and internal accruals. To support these initiatives, the company has appointed Amit Paithankar, its Chief Executive Officer (CEO), as an Additional Director of the company.

Waaree Energies reported a net profit of Rs 375.6 crore for the July-September 2025 quarter, representing a 17 percent increase compared to the same period in the previous fiscal year. The company's total income for the quarter reached Rs 3,663.4 crore, up from Rs 3,558.5 crore in the corresponding period of the previous year.