Waaree Energies wins 300 MW SECI wind LoA in 2026

What Waaree Energies has announced

Waaree Forever Energies Private Limited, a wholly owned subsidiary of Waaree Energies Limited, has received a Letter of Award (LoA) from Solar Energy Corporation of India Limited (SECI) to develop a 300 MW wind power project in Dwarka, Gujarat. The award was communicated on February 24, 2026, and was disclosed by the company through a regulatory filing. The contract is described as a one-time order under a one-time contract framework.

Alongside the LoA, Waaree has entered into a power purchase agreement (PPA) with SECI. The PPA will be valid for 25 years from the scheduled commencement of supply date. The wind project is part of SECI’s broader wind tendering programme aimed at adding capacity in Gujarat.

Key contract structure: LoA and a long-tenure PPA

The company’s disclosures outline a straightforward development contract with long-term offtake through SECI. The PPA tenure of 25 years, starting from the scheduled commencement of supply date, sets the revenue framework for the project once supply begins. The contract nature has been described as a one-time arrangement.

The awarding entity is SECI, a domestic public-sector entity. Waaree’s filing also indicates that the arrangement is on arm’s length commercial terms and that there is no related-party interest associated with the awarding entity.

Regulatory filing and disclosure details

Waaree Energies said it has made the required disclosure under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements. The disclosure was filed with both the Bombay Stock Exchange and the National Stock Exchange.

The filing includes Annexure A, which captures key terms of the award and confirms that no related-party interest exists. The disclosure also references compliance with SEBI circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Where the project will come up

The LoA is for development of a 300 MW wind power project in Dwarka, Gujarat. The company has not disclosed the monetary value of the order in the information provided. The PPA duration and the capacity are the main contractual parameters mentioned.

This project adds wind generation to Waaree’s renewable portfolio through its subsidiary, and it is linked to SECI’s tendering programme for wind capacity addition in Gujarat.

Market reaction: Waaree Energies shares in focus

The stock saw mixed moves around the announcement window, as reflected in multiple market updates cited in the provided material. On one trading day, shares of Waaree Energies rose 3.75% to settle at ₹3,025.20 on the BSE.

Separately, the stock was reported trading at ₹2,721.20 on the NSE at 9:16 AM on February 25, 2026, down 10.00% from the previous close. Another update said the shares plunged 10% after touching the day’s high of ₹2,821.10 on February 25, and at 2:39 PM were trading 10.17% lower at ₹2,716 on the NSE.

Other recent order: 500 MW solar module supply for FY 2026-27

In addition to the wind award, the material also references another Waaree announcement made earlier. On February 23, 2026, Waaree Energies disclosed a one-time order for supply of 500 MW of solar modules from a domestic solar power developer operating as an independent power producer.

The company indicated that execution for this 500 MW module supply is locked in for the 2026-27 financial year. This provides a defined delivery window as stated in the filing, although pricing and total contract value were not provided in the supplied text.

Manufacturing blueprint: multi-site expansion across states

Beyond project awards, the provided information also includes details of a revised manufacturing blueprint that has been split across multiple sites to expedite implementation. The blueprint includes:

• A 3 GW module facility in Samakhiali, Gujarat
• Another 3 GW module line in Gujarat, Tamil Nadu, or an alternate location
• A 6 GW cell facility in Unn, Gujarat
• A 6 GW ingot and wafer facility in Nagpur, Maharashtra

The stated goal is to distribute execution across Gujarat, Maharashtra, and other states to speed up rollout.

Capacity targets by FY27

Waaree has also set out capacity targets to be achieved by FY27. As per the provided text, the company aims to reach:

• 26.7 GW of solar module capacity
• 16 GW of solar cell capacity
• 10 GW of ingot and wafer capacity

These targets sit alongside the site-specific blueprint described above, showing a broader manufacturing scale-up plan in parallel with renewable project development.

Summary of key facts

Why this matters for Waaree’s renewable strategy

The 300 MW wind LoA and the long-tenure PPA with SECI add a contracted renewable development avenue through Waaree’s subsidiary structure. At the same time, the 500 MW module order for FY 2026-27 points to continuing traction in the domestic supply market.

Taken together with the revised manufacturing blueprint and FY27 capacity targets, the disclosed developments show Waaree working on both sides of the renewable value chain: equipment supply and asset development. The next operational milestones, based on the provided disclosures, will be tied to the scheduled commencement of supply date under the 25-year PPA and the FY 2026-27 delivery window for the 500 MW module order.