Waaree Renewable Expands Scope of Solar EPC Projects FY28

Revised contracts lift combined DC capacity

Waaree Renewable Technologies Ltd has revised the scope and capacity of two existing engineering, procurement and construction contracts for ground-mounted solar photovoltaic projects. Following the revisions, the combined portfolio covered by the two contracts stands at 800 MWac and 1,109 MWp. Both projects are scheduled for execution and completion during the financial year 2027-28. The revision is relevant because it increases the direct current, or DC, capacity planned under the contracts without changing the combined alternating current, or AC, capacity. The company received formal communication on the revisions on October 23, 2026.

Second project capacity rises to 557 MWp

The larger change applies to the second EPC contract. Its capacity has been revised from 400 MWac and 530 MWp to 400 MWac and 557 MWp. This adds 27 MWp of planned DC capacity while retaining the project’s AC capacity at 400 MWac. The scope of work under this contract has also been revised. Waaree Renewable has not disclosed a separate monetary value for the revision or further operational details of the expanded scope.

First project remains at 400 MWac and 552 MWp

The first project accounts for 400 MWac and 552 MWp under the revised contract set. Its existing letter of award, or LoA, has undergone a change in scope of work. The company said the other terms and conditions of this contract remain unchanged. No capacity revision was specified for this project in the available disclosure. Together, the 552 MWp first project and the 557 MWp second project take the aggregate DC capacity to 1,109 MWp.

Contract capacity comparison

The original two contracts covered a combined 800 MWac and 1,082 MWp, based on the earlier LoAs for projects of 400 MWac and 530 MWp, and 400 MWac and 552 MWp. The latest revision increases the combined DC capacity by 27 MWp. AC capacity remains unchanged at 800 MWac across the two projects. MWac measures the electricity output capacity on the alternating-current side, while MWp measures the peak capacity of solar modules on the direct-current side. The difference between the measures is a normal feature of solar project design, as module capacity can exceed the AC capacity of inverters and grid-connected equipment.

Domestic renewable-sector customer awarded projects

The two EPC contracts were awarded by a leading domestic entity operating in India’s renewable energy sector on a commercial order basis. The awarding entity has not been named in the information provided. Waaree Renewable also has not disclosed project locations, the contract consideration, or detailed technical specifications. Such details would be important for assessing project-level revenue contribution, but they are not available in the stated announcement. The disclosed information is limited to the revised scope, capacity mix and planned execution timeline.

FY28 execution schedule remains unchanged

Despite the scope changes, both contracts remain scheduled for completion during FY2027-28. This keeps the projects within Waaree Renewable’s medium-term EPC execution pipeline rather than its FY2026-27 delivery schedule. The revision does not indicate any change in the stated financial year for completion. It also does not state whether the additional 27 MWp will alter construction milestones, module procurement plans or commissioning dates. The company’s confirmation is limited to execution and completion during FY2027-28 under the revised terms.

Broader context from recent solar EPC awards

The revised contracts were initially among two LoAs received earlier for 400 MWac solar projects with DC capacities of 530 MWp and 552 MWp. In August 2026, Waaree Renewable also disclosed a 124 MWp, or 88 MWac, ground-mounted solar EPC order scheduled for completion in FY2026-27. Separately, the company received an LoA for a 291 MWp solar PV project paired with 280 MWh of battery energy storage, with completion planned in FY2027-28. These announcements indicate that the company has projects spread across different execution periods, although each order has its own terms and project schedule.

What the revision means for investors and industry

The immediate effect of the latest revision is a larger DC module capacity under an existing set of contracts. Since the AC capacity remains at 800 MWac, the change does not increase the stated grid-side capacity of the two projects. The announcement does not provide contract value, revenue recognition timing, margins, financing details or an expected effect on earnings. As a result, the financial impact cannot be quantified from the disclosed information. For the solar EPC industry, the update reflects continuing activity in utility-scale ground-mounted projects, where DC capacity and AC evacuation capacity are commonly specified separately.

Disclosure made under listing regulations

The company communicated the contract developments through a disclosure framework used for material corporate announcements under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations. The October 23, 2026 communication establishes the date on which Waaree Renewable received the formal intimation of the revised terms. The company has said that the first contract’s other conditions remain unchanged, while the second contract has a revised scope and a higher DC capacity. There is no indication in the available information of a cancellation, replacement award or change in the customer’s identity. The projects continue to be described as domestic commercial orders.

Conclusion

Waaree Renewable Technologies has increased the combined DC capacity of two FY2027-28 solar EPC contracts to 1,109 MWp from 1,082 MWp. The 27 MWp increase is entirely linked to the second project, whose AC capacity remains 400 MWac. The two projects together retain 800 MWac of AC capacity. Further updates would depend on any future disclosures covering project milestones, contract values or commissioning schedules.