Waree Renewable eyes big growth in EPC biz

The company has witnessed 126% growth in its order book this year compared to last year. (Representational Image)

Waree Renewable Technologies said it is planning to expand its business in the EPC (engineering, procurement, and construction) segment.

The move is to execute renewable energy EPC orders of 970 MW under its pipeline by the second quarter of the next financial year, the company’s CFO Dilip Panjwani told FE.

The company has witnessed 126% growth in its order book this year compared to last year.

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“We want to expand our EPC portfolio given the kind of size that the market offers and we want to capitalise on it,” Panjwani said.

Waree Renewable Technologies plans to be a big part of the government’s ambitious target of 500GW RE capacity by 2030 and will bid in tenders going ahead, the CFO stated.

“Today, you need about roughly Rs 3.5-4 crore investment per MW,” he said.

“In the past, our tender business has been under 10%, and more of our business has been focused in the Commercial and Industry segment and utility scale projects.”

Currently, the company holds an order book of around 970 MW.

To further escalate the energy transition and move to cleaner energy, the company is looking to further increase the capacity of its pilot green hydrogen unit and wishes to enter into the EPC segment of it. It also aims at working more closely with storage building capacity for renewable energy.

Talking about it’s growth and profitability in the current financial year, Panjwani expects the growth rate to remain strong in the remaining quarters of FY24 and the next financial year.

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“In the renewable space, given government’s commitments and stability in policies that they are announcing, growth rates will definitely continue to be strong for the next good foreseeable amount period of time,” he said.

Expanding its business globally, the company is also plans to win an EPC contract in Africa and aims to complete the same in the beginning of FY25.

“We have one more project coming up in Africa. We have not been completely awarded that contract but we are the preferred vendor in that geography.”