As the demand for renewable energy continues to surge, Waaree Renewables Technologies, a prominent player in the solar EPC sector, is set to expand its horizons into hybrid renewable energy projects tailored for data centers. With an impressive order book totaling 3.2 gigawatts (GW), the company is also delving into Firm and Dispatchable Renewable Energy (FDRE) and round-the-clock (RTC) solutions to meet this escalating need.

Strategic Moves in the Renewable Sector

Abhishek Pareek, the Group Head of Finance at Waaree, shared insights into the company’s proactive approach to the data center market. “We must remain agile and prepared for emerging opportunities, particularly in the data center segment,” he stated. The company is currently focused on building skilled teams and enhancing its capacity, keeping a close eye on its existing project pipeline while expanding its product offerings.

• At the start of FY25, Waaree’s order book was recorded at 2 GW.
• They have successfully executed 1.5 GW of projects, leading to the current order book of 3.2 GW, which they aim to complete within the next 12-15 months.
• Public sector projects make up approximately 15-20% of their order book.

Pareek also highlighted the company’s ambitious goal to tap into a bidding pipeline of 30 GW, with 60% dedicated to solar initiatives and the rest allocated to RTC projects.

Innovative Energy Storage Solutions

In a bid to enhance their solar power plants, Waaree is actively investigating projects that incorporate battery storage systems. “We’ve recently secured an order for around 50 megawatts involving battery energy storage for our existing plants,” Pareek noted. The design phase is complete, and they anticipate commencing operations later this year.

Global Expansion Opportunities

Pareek expressed optimism about expanding Waaree’s global footprint, particularly in the U.S. and Middle East markets. “The U.S. presents significant opportunities for growth, while the Middle East is also emerging as a promising region,” he added.

One of Waaree’s strengths lies in its localized supply chain, with 90% of its equipment sourced domestically. This localization has shielded the company from disruptions caused by geopolitical tensions and trade tariffs.

Emerging Markets and Revenue Growth

The surge in electricity demand and rising energy prices have opened new avenues for Waaree in the Commercial and Industrial (C&I) segment. “We’re seeing substantial interest from C&I customers, as the return on investment is appealing even in the absence of subsidies,” Pareek explained.

• The company is increasingly focusing on the rooftop solar market, which offers consistent revenue streams and higher profit margins.

“Our pursuit of the 30 GW pipeline is significant enough to enhance our execution capabilities for the upcoming year. The influx of C&I customers continues to grow monthly. We’re aligning our efforts across these three key segments to optimize all sales channels,” concluded Pareek.

In a strong showing, Waaree Renewables reported a staggering 74.5% increase in revenue from operations for Q4 FY25, reaching Rs 476.58 crore, compared to Rs 273.31 crore in the same quarter of the previous year. Their profit soared by 83% year-on-year, totaling Rs 93.8 crore.

By strategically positioning itself within the expanding renewable energy landscape, Waaree Renewables Technologies is well on its way to becoming a leader in sustainable energy solutions.