Waaree Renewable Technologies (WRTL) intends to enter the power generation domain, aligning with India’s emphasis on renewable energy (RE). Currently, the company, a subsidiary of the Waaree Group, is in discussions with potential partners.

With a focus on solar engineering, procurement, and construction (EPC), WRTL is also exploring possibilities in hybrid RE. Their solar EPC operations predominantly cater to the utility segment (70%), with the remaining 30% dedicated to commercial and industrial (C&I) spaces. Additionally, they aim to maintain the same project ratio between utility and C&I sectors.

Waaree is also researching prospects in the domain of green hydrogen as part of its diversification strategy, and is in the midst of developing a one MW plant as a preliminary project. With ambitions for an electrolyzer gigafactory, they are open to investment and collaboration with technological partners and stakeholders across the hydrogen value chain.

While India now has 173.619 GW of installed green energy capacity, the government has set a target of 500 GW in renewables by 2030. WRTL currently maintains an operations and maintenance (O&M) portfolio that includes solar power assets totaling more than 490 MW.

About 14.2 GW of new utility-scale solar projects and 2.8 GW of rooftop/onsite solar projects are scheduled to be completed in fiscal year 2024.