Indian solar company Waaree Renewable Technologies Ltd has clinched a significant contract to provide engineering, procurement, and construction (EPC) services for a 335-MW/412-MWp solar project in its home country.
The deal, valued at INR 5.48 billion (USD 66m/EUR 61.3m), was secured from an undisclosed domestic utility, Waaree revealed in a filing to the stock exchange on Monday.
Under the terms outlined in the Letter of Award (LOA), the project will be executed on a turnkey basis, with the capacity slated to commence operations by December 2024. Specific details regarding the project's location and configuration were not disclosed.
Following completion, Waaree will oversee the operations and maintenance (O&M) of the photovoltaic (PV) complex for a period of two years, under a contract valued at INR 68 million.
With this latest contract, Waaree's unexecuted order book now totals 1.16 GW, the company stated. Notably, in November 2022, the firm secured a separate contract worth INR 1.83 billion to deploy 70 MW DC of solar PV capacity for an unnamed seamless tube manufacturer in India.