Waaree Renewables Shares Rise on ₹346 Crore Solar Project Win from CESC

300 MW AC Solar Project to Be Developed in Rajasthan ,Waaree Renewable Technologies Ltd shares gained momentum after the company announced securing a significant solar power project worth ₹346 crore from CESC Ltd. The project entails the engineering, procurement, and construction (EPC) of a 300 MW AC solar power plant in Rajasthan.

According to the regulatory filing, the contract was awarded on a turnkey basis and includes design, supply, installation, and commissioning, along with comprehensive operation and maintenance (O&M) services for a period of three years. As of 11:50 AM, the company’s shares were trading at 1038.80, with an increase of 1.43%.

Market Reaction and Stock Movement

Following the announcement, Waaree Renewables’ stock surged during intraday trade, reflecting investor optimism around the sizable project win. As of the latest session, the shares have rallied over 3%, building on the positive sentiment surrounding the company’s expanding order book and continued traction in the clean energy segment.

The project win from CESC, an integrated power utility of the RP-Sanjiv Goenka Group, marks another milestone for Waaree in its bid to consolidate its position in India’s rapidly growing solar EPC market.

Project Execution Timeline and Scope

Waaree is expected to complete the solar project within 12 months from the date of issuance of the letter of intent (LoI). The plant, once commissioned, will be among the larger grid-connected solar installations in Rajasthan, a key state in India’s renewable energy corridor.

The ₹346 crore contract includes all major civil and electrical work, module mounting structures, balance of system (BoS), and grid interconnection infrastructure. The O&M component adds recurring revenue potential, enhancing the project’s long-term value.

Strategic Significance for Waaree

The EPC contract win underlines Waaree Renewable Technologies' execution capabilities and strengthens its project pipeline. The deal comes at a time when India’s renewable energy targets continue to scale up, with the government aiming for 500 GW of non-fossil fuel capacity by 2030.

Waaree has been focusing on high-margin, utility-scale projects while also diversifying its client base beyond state utilities. Recent contracts have spanned government undertakings and private sector clients, positioning the firm for robust growth in the near to medium term.

Sector Outlook and Competitive Environment

India’s solar energy sector remains one of the most active segments in the country’s energy transformation narrative. Rising energy demand, policy incentives, and declining module prices have accelerated the pace of solar capacity additions.

The awarding of large-scale solar projects by utilities such as CESC reflects the industry’s continued investment momentum, even as EPC contractors face supply chain and pricing volatility. Waaree’s integration across the solar value chain, ranging from manufacturing to EPC execution, offers a competitive edge in meeting cost and quality benchmarks.

Conclusion

Waaree Renewable Technologies' ₹346 crore solar EPC order from CESC reinforces its credentials in India’s evolving clean energy landscape. With the project set for completion within a year and supported by a three-year O&M contract, the development offers revenue visibility and enhances the company’s standing in utility-scale solar deployment. Investor response to the announcement reflects confidence in the company’s strategic positioning and execution roadmap.

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