Waaree Renewable Technologies Ltd (WRTL), a subsidiary of Waaree Energies Limited, has signed a non-binding Memorandum of Understanding (MoU) for the execution of a 100 MWp solar power project. The company announced in a stock exchange filing on June 23, 2025, that the MoU is for providing Engineering, Procurement, and Construction (EPC) services on a turnkey basis.
The agreement has been signed with Viet Khanh Joint Stock Company, an international entity. However, the company clarified that the MoU is currently non-binding, and crucial details such as the final order value and the project execution timeline will be finalized upon the signing of a definitive agreement at a later stage.
| Particulars | Details |
|---|---|
| Nature of Agreement | Non-binding Memorandum of Understanding (MoU) |
| Awarding Entity | Viet Khanh Joint Stock Company |
| Project Scope | EPC for 100 MWp Ground Mount Solar Power Project |
| Basis | Turnkey |
| Location | International |
| Order Value | To be mutually decided upon signing a definitive agreement |
| Execution Timeline | To be mutually decided |
| Related Party Transaction | No |
Project Scope and Strategic Implications
According to the disclosure, Waaree Renewable Technologies will be responsible for the complete Engineering, Procurement, and Construction (EPC) of the 100 MWp ground-mount solar power facility. The project will be executed on a turnkey basis, which typically means Waaree will manage the entire project lifecycle from design and procurement to construction and commissioning, delivering a ready-to-operate plant to the client.
This MoU marks another step in the company's efforts to expand its footprint in the international renewable energy market. Partnering with an international entity like Viet Khanh Joint Stock Company underscores the company's growing reputation and capability to secure large-scale projects beyond domestic borders. While the financial terms are not yet fixed, the addition of a 100 MWp project strengthens the company's future execution pipeline and revenue visibility, pending the finalization of a binding contract.
Terms and Conditions
The company has emphasized the preliminary nature of the agreement. The MoU was officially signed on June 20, 2025, at 6:00 p.m. IST. It serves as a formal intention to collaborate, with the substantive and commercial aspects to be detailed in a subsequent definitive agreement. This approach allows both parties to conduct further due diligence and finalize the project's technical and financial specifics before making a binding commitment.
In compliance with SEBI's disclosure norms, Waaree Renewables also clarified that the transaction does not fall within the purview of related-party transactions. The filing explicitly stated, "No, the promoter/promoter group/group companies do not have any interest in the entity that awarded the order(s)/contract(s)."
Company Profile
Waaree Renewable Technologies Limited is a prominent player in the solar EPC business and is a subsidiary of Waaree Energies Limited, one of India's largest solar module manufacturers. The company provides clean energy solutions, including setting up solar power plants on a turnkey basis. This new MoU aligns with its core business strategy of expanding its project portfolio and contributing to the global transition towards renewable energy.
