In a significant business update, Waaree Energies Limited announced two large-scale orders for the supply of solar photovoltaic (PV) modules, totalling 398 MW. The orders, which comprise 298MW and 149 MW projects, are from a renowned domestic renewable energy developer. Scheduled for execution in FY2025-26, this development underscores Waaree’s robust foothold in India’s renewable energy sector.
The contracts highlight the company’s commitment to supporting India’s green energy goals.
On December 14, 2024, Waaree Power Private Limited (WPPL), a wholly owned subsidiary of Waaree Energies, executed a Share Subscription cum Shareholders Agreement with Ewaa Renewable Techno Solutions Private Limited (ERTSPL). The deal involves acquiring a 55% stake in Ewaa through a cash investment of ₹5.5 crore.
Ewaa specialises in manufacturing solar inverters, electric vehicle chargers, and power management solutions. This acquisition positions Waaree to strengthen its power electronics segment, enabling innovation and enhanced localisation in its supply chain. The acquired company also aims to cater to the global market with its advanced energy management solutions.
Despite these strategic advancements, Waaree Energies’ share price was down by 1.73%, trading lower as of 1:34 PM on December 16, 2024.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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