Waaree Renewable Technologies Limited (WAAREERTL) has officially announced that it has signed a turnkey Engineering, Procurement, and Construction (EPC) contract for a 350MW/1400MWh Battery Energy Storage System (BESS) project. This contract includes the provision of two years of operation and maintenance services. The order was awarded by Waaree Forever Energies Private Limited (WFEPL), which is a subsidiary of the company’s holding entity. The project is scheduled for completion during the 2026-27 financial year.

This development marks a significant strategic pivot for Waaree Renewable as it expands beyond its traditional solar EPC business into the high-growth utility-scale energy storage sector. The 1400MWh capacity project is designed to bolster grid stability, addressing the intermittency issues associated with renewable power and facilitating the transition toward round-the-clock green energy. By undertaking this high-spec project, the company aims to solidify its position as a comprehensive energy infrastructure provider in the Indian market.

Incorporated in 1999 and headquartered in Mumbai, Waaree Renewable Technologies Limited is a subsidiary of Waaree Energies Limited and specializes in renewable energy generation and consultancy. The company provides a wide array of solutions, including ground-mounted solar, rooftop solar, floating solar, and O&M services, serving industrial, commercial, and individual sectors. In 2025, the company continued to reinforce its market leadership through strong execution and significant order book growth. It is recognized as a key player in India’s renewable energy ecosystem, leveraging the strength of its parent group, which is a major vertically integrated new energy company.

For the quarter ending in the 2025-2026 financial year, the company reported robust financial growth. Waaree Renewable recorded a revenue of ₹1,108.44 Crores, reflecting a 130.23% increase compared to the same period in the previous year. The net profit for the quarter stood at ₹155.74 Crores, marking a 66.02% rise year-on-year. In terms of quarterly growth, the company achieved a 29.46% increase in revenue and a 29.55% jump in net profits compared to the preceding three months. The company’s ownership structure includes significant institutional participation, with its holding company, Waaree Energies Limited, being the largest shareholder. Other institutional investors, such as BlackRock, Inc. and State Street Global Advisors, Inc., also maintain holdings in the company.