Waaree Energies Ltd. has secured an order to supply 362.5 megawatts (MW) of solar photovoltaic modules to Khaba Renewable Energy Pvt Ltd., a subsidiary of Engie India. The order includes 600Wp Elite BiN-08 N-Type TopCon solar modules, which are slated for deployment in a project by NHPC.
The supply of these modules is scheduled to commence in the fiscal year 2025-26.
Waaree Energies operates manufacturing facilities with an installed capacity of approximately 15 gigawatts (GW) for solar photovoltaic modules, including 1.3 GW from Indosolar and 1.6 GW in Texas, USA. The company also maintains a 1.4 GW cell manufacturing facility, with plans to expand capacity to 5.4 GW.
In the third quarter of fiscal year 2024-25, Waaree Energies reported a consolidated net profit of ₹492.69 crore, marking a 295.65% increase from ₹124.53 crore in the same period the previous year. Revenue from operations during this period rose by 116.6% year-on-year to ₹3,457.29 crore.
NHPC, a state-owned hydroelectric power company, is actively expanding its renewable energy portfolio. In June 2024, NHPC signed power purchase agreements with Gujarat Urja Vikas Nigam Ltd for two 200 MW solar projects in Gujarat.
Engie India has also been increasing its presence in the Indian renewable energy sector, with multiple solar projects underway in Gujarat.
This collaboration among Waaree Energies, Khaba Renewable Energy, and NHPC reflects the ongoing growth and investment in India’s renewable energy sector.