In Short : Waaree Renewable is targeting a 15.5 GW bidding pipeline. This ambitious goal underscores the company’s commitment to expanding its renewable energy portfolio and contributing significantly to India’s clean energy capacity.
In Detail : The company already has a book of almost 500 MW in O&M (operations and maintenance) and its current order book itself has 1 GW of OM opportunity.
Waree Renewable Technologies, an engineering, procurement and construction (EPC) company of Waree Energies group, is targeting a bidding pipeline of 15.5 gigawattt (GW) in FY25.
“Last year, we were at 800 megawatts in order book position. Today we are at 2.1 GW already. So new businesses are being set up in the country and new opportunities such as pumped storage are coming up,” said Dilip Panjwani, chief financial officer at Waree Renewable Technologies.
On outlook for FY25, he said, “One is our existing order book of 2.1 GW, which is already underwritten in our books and government’s policy which states that 50 GW of renewable energy must be tendered each year. That’s an additional opportunity and that is drawn from the 15.5 GW bidding pipeline which I mentioned.”
Panjwani said the sector is offering two to three significant opportunities. One is RTC (round the clock renewable projects) as most of the tenders now are coming with RTC. The country also needs a significant amount of storage, which is a great opportunity.
“That’s a 42 GW Rs 14 trillion opportunity that we are sitting on. The hydrogen opportunity is going to be a very significant because if you need renewable power, significantly it comes from solar,” Panjwani said. He added the company will explore international markets at the opportune time.
The company already has a book of almost 500 MW in O&M (operations and maintenance) and its current order book itself has 1 GW of OM opportunity. When these projects get over in next 9-12 months, they will be like 2 GW in O&M itself, plus, other businesses that they are trying to win, he said.
On falling Chinese solar panel prices , he said it is a good sign from developer perspective as overall capital costs come down. “Developers are building lower tariffs because of the lower panel prices as well,” Panjwani said , adding they form 50% of project cost.
He added that with this lower price, the decision making has accelerated and that’s why in the last quarter, almost 16 GW work tenders were issued.
