Waaree Renewable Tech gains 2% on letter of intent for EPC services

Benefitting from the robust trends in the renewable energy space, the stock has surged nearly 150 percent in the year so far.

Shares of Waree Renewable Technologies Limited jumped 2 percent to Rs 1,256 in early trade on September 13 after the company received a letter of intent for engineering, procurement, and construction (EPC) services in respect to setting up a solar power project of 52.6 megawatts peak (MWP) capacity. According to the exchange filing on September 13, the project is expected to be completed by the end of the year, as per the terms of order.

At 10.10 am, shares of the company were trading 1.3 percent higher at Rs 1,250 on the NSE.

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Waaree Renewable Technologies is the solar engineering, procurement and construction (EPC) subsidiary of the Waaree Group that is involved in the ownership, financing, construction as well as operation of solar projects.

Future target

In August, Mint reported that the company is looking to venture into power generation, aligning with India’s drive towards renewable energy. The company’s plan to foray into power generation business comes amid India’s efforts to expand renewable energy capacity significantly to realise its ambitious net zero target.

India’s installed capacity of green energy is at 173 gigawatt (GW) while the government aims to reach 500 GW in renewables by 2030. Currently, the company’s operations and maintenance (O&M) portfolio of solar power assets stands at over 490 MW.

In the solar EPC space, the company has about 70 percent of its operations in the utility segment, and 30 percent is in commercial and industrial (C&I) space, Hitesh Mehta, executive director of the company, said. Going forward, the company would focus on adding more utility projects and the ratio of projects in utility and C&I would largely remain the same, he added.

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