Waaree Energies Wins ₹1,648 Crore EPC Deal for 2GW Solar Plant with Jindal Renewable

31 Dec 2024 , 10:28 PM

Waaree Energies Ltd shares surged today as the company partnered with Jindal Renewables for a fresh venture. As part of this, Waaree will supply EPC for a 2GW solar project at Rajasthan.

As a part of the larger agenda, Jindal Renewables plans to have 12 GW of renewable projects across different verticals – including energy storage and green hydrogen facilities – operational by 2030.

Waaree Renewable Technologies Ltd, a subsidiary of Waaree Energies, will design and build the solar plant. Viren C Doshi, director at Waaree Renewable Technologies, said the deal marks Waaree’s commitment to providing cutting-edge renewable energy solutions.

Waaree Energies has also recently invested in several other projects, including an electrolyser manufacturing plant worth ₹551 crore and a lithium-ion battery storage plant worth ₹2,073 crore.

They are investing ₹130 crore in scaling up their inverter business. The money would be a debt and savings of the company. And the Additional Director, to its credit, is non other than the Chief Executive Officer of Waaree, Amit Paithankar. Waaree Energies saw a net profit growth of 17% for the July-September 2025 quarter, though net profit stood at ₹375.6 crore. The total income was at ₹3,663.4 crore.