### **Overview** Waaree Renewable Technologies Limited (WRTL) is a leading solar Engineering, Procurement, and Construction (EPC) company in India and a wholly-owned subsidiary of **Waaree Energies Limited**, India’s largest solar module manufacturer. Headquartered in Mumbai, WRTL operates as a full-cycle solar developer, providing integrated solutions across the renewable energy value chain — from project conception and financing to construction, ownership, and long-term operations & maintenance (O&M). With over 15 years of industry experience, WRTL has evolved into one of India’s premier EPC players, positioning itself for sustained growth through technological innovation, vertical integration, and strategic diversification into emerging clean energy segments. --- ### **Core Business Segments** #### **1. Solar EPC Services** - WRTL offers **end-to-end EPC services** for utility-scale, commercial & industrial (C&I), rooftop, ground-mounted, floating, and hybrid solar projects. - The company specializes in turnkey, CAPEX, RESCO, and Balance of System (BOS) models, catering to diverse client needs. - It has transitioned from small-scale C&I projects to executing **gigawatt-level projects**, showcasing scale and technical maturity. - Recent project wins highlight its dominance: - 1,218 MWp ground-mounted solar project (Q2 FY26) - 435 MWp and 131.6 MWp projects (Q1 FY26) - 2,012.47 MWp project in Rajasthan (awarded in Q3 FY25) - Ongoing execution of ~1 GW project in Andhra Pradesh #### **2. Independent Power Producer (IPP) Portfolio** - WRTL develops, finances, owns, and operates its own solar assets, focusing on long-term C&I investments. - IPP portfolio stands at **54.82 MWp developed**, with **107.1 MWp under development**. - Delivers clean energy via on-site installations and off-site solar farms through open-access mechanisms. #### **3. Operations & Maintenance (O&M)** - Manages one of the largest third-party O&M portfolios in India: **769 MWp** (as of Oct 2025). - Offers advanced, technology-driven services: - Drone thermography - Predictive analytics - Underground cable fault detection - Remote monitoring systems - Delivers high performance: >99% plant availability and >80% performance ratio (PR) across managed assets. #### **4. Battery Energy Storage Systems (BESS)** - Expanded capabilities to offer **BESS EPC solutions**, marking entry into 24/7 renewable power ecosystems. - Secured a **40 MWh BESS project** (Letter of Intent from Continuum). - Invests in scalable, integrated storage systems to meet growing demand for hybrid and round-the-clock (RTC) power. #### **5. Green Hydrogen & Future Technologies** - Strategic entry into green hydrogen space: - Set up a **1 MW green hydrogen plant** on a build-own-operate (BOO) basis. - Exploring collaboration for an **electrolyser gigafactory** and **hydrogen valley** under India’s National Green Hydrogen Mission. - Evaluating floating solar and pumped hydro storage as part of hybrid project expansion. #### **6. Data Center EPC Division** - Identified synergies in power-intensive data centers; launching entry into **data center EPC** segment. - Leverages expertise in energy efficiency, sustainability, and rapid project execution. --- ### **Strategic Capabilities & Differentiation** - **Integrated Ecosystem:** Backed by the Waaree Group’s 16.7 GWp solar module manufacturing capacity, ensuring secure supply, cost advantage, and quality control. - **Plug-and-Play Solar Parks:** - Offers ready-built transmission lines and GIS/GSS bays on shared basis. - Utilizes single-location, aggregated, freehold land model for faster commissioning and scalability. - **In-House Expertise:** - Over 30-member engineering and design team. - Indigenous capabilities in design, statutory approvals, land development, and asset management. - **Technology Integration:** - Deployment of drones, robotics, and AI-driven predictive maintenance to improve safety, efficiency, and uptime. - Partnership with Australian firm **5B** to locally manufacture and commercialize **5B Maverick**, a prefabricated, plug-and-play solar solution enabling **10x faster deployment**. --- ### **Financial & Operational Highlights (As of Oct 2025)** | Metric | Value | |------|-------| | **Unexecuted EPC Order Book** | 3.48 GWp | | **BESS EPC Order Book** | 40 MWh | | **IPP Assets Developed** | 54.82 MWp | | **IPP Projects Under Development** | 107.1 MWp | | **O&M Portfolio** | ~769 MWp | | **Cumulative Commissioned Projects** | 2.32 GWp | | **Credit Rating** | 'A' (Stable Outlook) – CARE, 2025 | | **Revenue Growth (2023–2025)** | 113.37% | | **Non-Fund-Based Credit Limits** | ~₹1,700 crores (including ₹300 crores from insurers) | | **Funded Debt** | ₹28 crores (strong cash position of ₹200–220 crores) | --- ### **Market Position & Growth Drivers** #### **India Market Dynamics** - Government push for **500 GW renewable capacity by 2030**. - Rising compliance with **Renewable Purchase Obligations (RPO)** and **Green Energy Open Access Rules**. - Viability Gap Funding (VGF) for storage projects boosting BESS adoption. - Solar Parks Scheme with 39.95 GW approved creates tailwinds for EPC players. - Declining module prices and reduced GST on solar equipment enhancing project viability. #### **C&I & Utility-Scale Demand** - Strong growth in **open access** and **off-site solar farms**. - Increasing corporate PPA demand driving utility-scale solar and hybrid projects. #### **O&M Growth Potential** - Rapidly expanding installed base fuels need for high-efficiency, long-term O&M. - Storage integration increases complexity and value of advanced O&M services. --- ### **Geographic Expansion** #### **Domestic Presence** - Active in **24+ Indian states** with projects executed across varied terrains and climates. - Major projects in Rajasthan (2+ GW), Gujarat, Andhra Pradesh, Tamil Nadu, and Maharashtra. #### **International Expansion** - Signed **non-binding MoU for 100 MWp EPC project in Vietnam** (Aug 2025) — first step into Southeast Asia. - Strategic intent to expand into the **Middle East and South America**. - Global reach supported by Waaree Group's presence in **26 countries** and 68+ export destinations. --- ### **Sustainability & ESG Initiatives** - Installed **solar power systems at internal facilities** to power operations, reducing Scope 2 emissions. - Demonstrates commitment by using same solar solutions internally that it provides to clients. - Active in reducing project lifecycle emissions through optimized design and efficient technologies. --- ### **Competitive Advantages** 1. **End-to-End Integration:** From solar modules to BESS and O&M, WRTL delivers **fully integrated, turnkey renewable solutions**. 2. **Proven Execution:** Track record in delivering large-scale, complex projects (e.g., 2 GW single-site in Rajasthan). 3. **Backward Integration:** Access to low-cost, high-quality modules via parent company. 4. **Innovation Leadership:** Early adoption of technologies like 5B Maverick, drones, and predictive analytics. 5. **Strong Balance Sheet:** Asset-light model, high internal accruals, minimal debt, and substantial non-fund-based limits support large project bids. 6. **Trusted Clientele:** Marquee clients include **Adani**, **Jindal Renewables**, **Greenko**, **ArcelorMittal**, and **Continuum** — underscoring credibility.