Waaree Energies up 4% after arm receives LoA for 170 MW solar plant in MP

Waaree Energies shares gained 4 per cent in trade on Thursday and logged an intraday high of Rs 3,303.25 per share on BSE. The buying in the stock came after company arm Waaree Forever Energies received a Letter of Award (LoA) for the development of a 170 MW Solar power plant in Madhya Pradesh, from Rewa Ultra Mega Solar Limited (RUMSL).

 

Around 10:25 AM, Waaree Energies share price was up 2.75 per cent at Rs 3,261.2 per share on BSE. In comparison, BSE Sensex was down 0.01 per cent at 81,516.37. The market capitalisation of the company stood at Rs 93,688.80 crore. 

 

 

"This is to inform you that Waaree Forever Energies Private Limited a wholly owned subsidiary of the Company has today received Letter of Award (LoA) for the development of 170 MW Solar power plant in Madhya Pradesh, from Rewa Ultra Mega Solar Limtied (RUMSL)," the filing read. 

 

It added: The Solar power plant will enable the generation and transmission of clean energy via the Inter-State Transmission System (ISTS). 

 

The project is also said to will supply renewable energy to Madhya Pradesh Power Management Company Ltd and Indian Railways thus contributing significantly to India’s renewable energy goals.

 

Waaree Energies, headquartered in Mumbai, India, is a leading company in the renewable energy sector, specifically in solar energy solutions. Founded in 1990 by Hitesh Doshi, the company specialises in the manufacturing of photovoltaic (PV) modules, offering framed, unframed, and building-integrated PV products. Waaree is the largest solar module manufacturer in India, with an installed production capacity of 12 GW as of mid-2024.

 

The company is recognised for its focus on innovation and its commitment to expanding the share of renewable energy. Waaree operates across domestic and international markets, exporting its products and providing EPC (Engineering, Procurement, and Construction) services. India’s growing solar capacity, driven by government policies, presents significant growth opportunities for Waaree. However, the company faces challenges such as intense competition, reliance on imports for raw materials like polysilicon, and dependency on regulatory frameworks.