Waaree Renewable wins 420 MWp solar EPC for FY28 finish

Deal snapshot: 300 MWac / 420 MWp EPC win

Waaree Renewable Technologies Ltd has signed a contract to execute engineering, procurement and construction (EPC) works for a ground-mounted solar photovoltaic project with an aggregate capacity of 300 MWac / 420 MWp. The company disclosed the development to stock exchanges. The order has been awarded by a domestic entity engaged in renewable energy-based power generation. The project is scheduled to be completed during FY2027-28, in line with the contract terms. Waaree Renewable Technologies is a subsidiary of Waaree Energies Ltd.

What the company disclosed to exchanges

In its exchange filing, Waaree Renewable Technologies said it will undertake the complete EPC development of the ground-mounted solar PV plant. That scope includes engineering, procurement, and construction activities for the project. The client name was not disclosed in the information provided, beyond being a domestic renewable power generation company. Reports around the announcement dated the update to March 12, 2026, with the order described as a domestic commercial order. The disclosure was also reported as being made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Scope of work: engineering, procurement, construction

The contract positions Waaree Renewable Technologies as the EPC executor for the full build-out of the solar plant. Engineering typically covers system design and project-level technical planning, while procurement covers sourcing equipment and materials required for execution. Construction includes on-ground installation and associated site work for the ground-mounted plant. The company’s filing described the mandate as “complete EPC development,” indicating an end-to-end delivery responsibility within the EPC boundary. The plant is utility-scale, with AC capacity specified at 300 MW and DC (peak) capacity specified at 420 MWp.

Timeline: targeted completion in FY2027-28

Waaree Renewable Technologies said the project is scheduled to be completed during FY2027-28. The company did not provide interim milestones, phased commissioning details, or location specifics in the disclosed information. The timeline is therefore anchored to the financial year endpoint stated in the order terms. For investors tracking execution risk, the key disclosed checkpoint is that the delivery window extends into FY28. Any change to this timeline would typically require follow-up disclosures, but no such update was included in the provided text.

Market reaction: stock jumps on contract news

Shares of Waaree Renewable Technologies rose sharply after the contract disclosure, according to reports cited in the article text. One update said the stock rose as much as 6.9% intraday to ₹852.8 per share, described as the biggest intraday gain since February 3 (year not specified in the provided text). Another market snapshot noted the share price gained about 4% in early trade on March 11, quoting the stock at ₹833 at 09:19 am on the BSE, up ₹34.65 or 4.34%. The moves reflect a positive near-term market response to the addition of a large utility-scale EPC order.

Understanding 300 MWac vs 420 MWp

The project capacity is presented in two measures: MWac and MWp. MWac refers to alternating current capacity, while MWp refers to DC peak capacity of the solar modules. In utility-scale solar disclosures, it is common to see DC capacity higher than AC capacity due to inverter sizing and system design choices. In this contract, the project is stated as 300 MWac / 420 MWp, and the company reiterated the aggregate project capacity in those terms. The disclosed numbers are the key technical scale indicators available from the filing.

Why this order matters for the EPC pipeline

A 300 MWac / 420 MWp ground-mounted project is a large, single-ticket EPC assignment by Indian market standards, based on the capacities stated. The award being domestic indicates the work will be executed within India. The company also framed the order as an EPC execution mandate rather than a supply-only arrangement. For an EPC contractor, such orders typically contribute to the executable pipeline over multiple quarters, aligned with the scheduled completion timeline. Beyond the contract’s capacity and timing, the article does not provide the contract value or margin details.

Key disclosed facts at a glance

Price points cited in reports

What to watch next

The disclosed information establishes the project scale, EPC scope, and the FY2027-28 completion window, but it does not include the project location, contract value, or detailed delivery milestones. Investors will therefore likely watch for subsequent exchange updates on execution progress, scheduling, or any changes to the stated completion period. Separately, the market reaction cited in reports shows the stock responded immediately to the contract announcement. The next concrete datapoints, based on what is disclosed, would come through further regulatory filings or operational updates tied to the project timeline.