Waaree Renewables Technologies, a solar EPC company, aims to enter hybrid renewable energy projects to capitalise on the growing power demand in data centres. With an order book of 3.2 gigawatts (GW), the company is also exploring FDRE (Firm and Dispatchable Renewable Energy) and RTC (round-the-clock) energy solutions.Speaking to FE,
Abhishek Pareek, group head (finance), Waaree Renewables Technologies, said: “We have to keep ourselves prepared for anything that comes up, especially in the data centre segment. Right now we’re building teams and capacities,” Pareek said, adding that the company is currently tracking the existing pipeline in this front and will be expanding its product portfolio.
At the start of FY25, the company’s order book stood at 2 GW, of which the company has executed 1.5 GW of projects. The company’s order book after this execution stands at 3.2 GW, which it plans to execute within the next 12-15 months. The share of public sector companies in the company’s order book stands at around 15-20%.Pareek said that the company is chasing a bidding pipeline of 30 GW, 60% of which are solar projects, with the remaining accounting for RTC projects.
Additionally, the company is also exploring projects requiring battery storage systems in existing solar power plants. “That’s another market which we are chasing and has recently got one order of around 50 megawatt. It’s a market wherein we will put in a battery energy storage and deploy it in the existing plant,” Pareek said. “We have done the designing and we will be starting this plant maybe within this year,” he said.
Speaking on the company’s plans to expand its global presence, Pareek said that the company sees a lot of opportunities in the existing market, and the US is opening up in a big way. “The US is a good market to operate in, and the Middle East is coming up a big way overall. So we see that there could be an opportunity there as well,” he said.
The company has localised its supply chain, with 90% of its equipment being sold locally and sees no disruption amid the escalating geopolitical tensions and US President Donald Trump’s tariff policy.
Moreover, given the unprecedented rise in demand for power and increase in electricity prices, the company sees increasing opportunities in the Commercial and Industrial segment. “We see a lot of traction from these customers because paybacks in C&I segment, even without any subsidies, are fairly attractive and hence C&I chunk is increasing,” Pareek said.
The company is also shifting its focus to the rooftop solar market. “We are very focused on the rooftop market because this market is a very consistent cash and carry model, and this market also gives you better margins because of the size and offer,” he said.
“Our chase towards the 30 GW pipeline is big enough to give us additional leverage for execution next year and C&I customers keep on coming every month. So these three streams are very well aligned and we are working towards optimising all sales channels,” said Pareek.The company reported an increase of 74.5% in its revenue from operations in Q4FY25 at Rs 476.58 crore, from Rs 273.31 crore in Q4FY24, while the profit jumped 83% year-on-year to Rs 93.8 crore.