Waaree Energies wins 700 MW solar, 2,800 MWh BESS

What SECI’s latest award means for Waaree group companies

Waaree Energies has been in focus after multiple order updates involving utility-scale solar and battery energy storage. A key development is the award secured by its subsidiary Waaree Forever Energies under SECI’s FDRE-IX tender. Separately, Waaree Renewable Technologies Limited (WRTL), also a subsidiary of Waaree Energies, disclosed a Letter of Award (LoA) for an EPC contract that combines solar PV with battery storage. The set of announcements underlines how hybrid and firm renewable tenders are shaping fresh project pipelines. It also shows how Waaree group entities are participating across both project development and EPC execution.

SECI FDRE-IX: 700 MW solar plus 2,800 MWh storage

According to the information provided, Waaree Energies’ subsidiary Waaree Forever Energies secured a 700 MW solar and 2,800 MWh energy storage project award under SECI’s FDRE-IX tender. The project is planned to be set up in Solapur, Maharashtra. The contract validity for this award is stated as 25 years. The discovered tariff for the FDRE-IX contract is ₹5.99 per kWh. The award is described as a 700 MW generation and 2,800 MWh storage capacity contract.

Timing: August 2026 award highlighted

The award is reported to have been won in August 2026 as part of SECI’s FDRE-IX auction. The disclosed tariff, ₹5.99/kWh, is presented as the discovered rate in the tender process. While the article context does not provide commissioning timelines for the Solapur project, the tenure and tariff are clearly stated. The capacity split is also explicit, combining a 700 MW renewable generation component with a 2,800 MWh storage component. This structure aligns with firm and dispatchable renewable procurement, where storage supports delivery commitments.

A separate LoA: WRTL’s 291 MWp solar PV plus 280 MWh BESS EPC order

Waaree Renewable Technologies Limited said it received a Letter of Award for engineering, procurement and construction (EPC) works for a 291 MWp ground-mounted solar photovoltaic project integrated with a 280 MWh Battery Energy Storage System (BESS). The order was awarded by one of India’s thermal power generating companies. In its regulatory filing dated August 28, 2026, WRTL described the project as a domestic commercial order. The company said the project is scheduled to be completed during Financial Year 2027-28. WRTL did not disclose the financial value of the contract, with the order size specified in terms of capacity.

Additional EPC LoAs: two large ground-mounted solar plants

WRTL also disclosed that it received two Letters of Award for executing EPC works for two ground-mounted solar PV plants in India. The two projects are sized at 400 MWac / 530 MWp and 400 MWac / 552 MWp, respectively. Together, these aggregate 800 MWac / 1,082 MWp (530 MWp + 552 MWp). As per the terms of the award, both projects are scheduled to be completed during FY2027-28. The update positions these as domestic EPC awards, strengthening the company’s execution pipeline.

Other disclosed wins referenced in the update

Beyond the latest LoAs, the provided text references two other projects previously won by WRTL. It mentions a 1,520 MWh Battery Energy Storage System (BESS) EPC project (order won in Q1 FY27). It also mentions a 1,000 MWp ground-mounted solar power project (order won in Q2 FY26). No further project locations, tariffs, or contract values were provided for these two referenced orders in the supplied material.

Market snapshot: stock move and what was disclosed

In trading cited in the update, shares of Waaree Renewable Technologies were up 0.58% at ₹880 on the NSE at 2:55 pm. The filing and related coverage emphasised project size, scope, and completion timelines, while keeping commercial value undisclosed for the 291 MWp plus 280 MWh EPC order. The SECI FDRE-IX award, in contrast, included the discovered tariff of ₹5.99/kWh and a 25-year validity period. Taken together, the disclosures provide investors with capacity visibility but limited information on margins, capital structure, or revenue recognition.

Key facts table

Market impact: what the numbers say

The FDRE-IX award combines large-scale generation with storage at a single disclosed tariff of ₹5.99/kWh, and the 25-year validity indicates long-tenor contracted revenue visibility at the project level. The Solapur project size is material at 700 MW solar with 2,800 MWh storage, based on the details shared. On the EPC side, WRTL’s LoA covers 291 MWp of solar PV coupled with 280 MWh of BESS, with completion targeted in FY2027-28. WRTL’s additional LoAs add 1,082 MWp (800 MWac) of solar EPC work scheduled for the same financial year. In the immediate market snapshot, WRTL shares were reported marginally higher by 0.58% at ₹880 on the NSE at 2:55 pm.

Why these wins matter for the sector

The set of updates reflects continued growth in hybrid renewable procurement, where storage is increasingly bundled with solar capacity. SECI tenders such as FDRE-IX show how tariff discovery is being used for firm and dispatchable renewable power, rather than solar-only procurement. The WRTL EPC awards indicate demand from domestic counterparties, including a thermal power generating company, for integrated solar plus storage builds. With multiple projects scheduled for FY2027-28 completion, execution capacity and supply chain management become important operational factors, though the provided text does not detail equipment sourcing or contracting structure. The absence of disclosed contract value for the 291 MWp plus 280 MWh EPC order also means investors will likely track future disclosures for revenue and margin impact.

Conclusion

Waaree group companies have reported a series of wins spanning both project awards and EPC contracts, led by a 700 MW solar plus 2,800 MWh storage award under SECI’s FDRE-IX tender at ₹5.99/kWh for 25 years. WRTL’s filings add visibility on solar-and-storage EPC scope and a FY2027-28 completion schedule for multiple domestic projects. The next milestones to watch, based on what is disclosed, are further implementation updates and progress toward the stated FY2027-28 delivery timelines for the EPC portfolio.