Waaree Renewable Technologies Expects Significant Growth in Renewable Sector
Key Ideas
- Waaree Renewable Technologies aims to complete 1.3 GW projects in the current fiscal, with a focus on solar energy and a plan to diversify into battery energy storage and green hydrogen.
- The company anticipates a threefold increase in operation and maintenance contracts in the next fiscal year, alongside a robust bidding pipeline of 17.8 GW projects.
- With an unexecuted order book of 1.7 GW, Waaree Renewable Technologies plans to expand into commercial and industrial spaces, including rooftop floating solar and hybrid projects.
- The CFO highlighted the increasing investments in the renewable energy sector in line with global climate targets, expecting growth in public and private investments in India, driven by the transition to green energy.
Waaree Renewable Technologies, the EPC arm of Waaree Energies group, has reported a significant increase in net profit and is set to complete 1.3 GW projects in the second half of the fiscal year. The company expects a threefold growth in O&M contracts in the next financial year and plans to diversify into battery energy storage and green hydrogen projects. With an unexecuted order book of 1.7 GW and a robust bidding pipeline of 17.8 GW, Waaree Renewable Technologies aims to focus on utility scale projects while expanding into commercial and industrial spaces like rooftop floating solar and hybrid projects. The company anticipates an increase in government contracts and investments in the renewable sector, aligning with global climate targets. The CFO emphasized the shift towards sustainability, including elements like battery storage, hydrogen, and biofuels, predicting continued growth in the renewable energy space. Waaree Renewable Technologies is confident in achieving its targets and maintaining growth based on its turnover and commitment to stakeholder value enhancement.