Waaree Renewable Technologies (Waaree) has signed a Letter of Award with its wholly owned subsidiary, Sunsational Power Private (SPPL), to develop a 300 megawatt (MW) and 450 megawatt peak (MWp) ground-mounted solar project. The company will provide engineering, procurement and construction services and two-year operation and maintenance services under the contract. The agreement covers the full EPC scope and a two-year O&M commitment. The scope will include site engineering, procurement of equipment and construction management across the installation.

The project is scheduled to be completed during fiscal year 2026-27 according to the terms of the order. The award is expected to bolster Waaree's order book amid a recent slowdown noted by the company. Company disclosures show an existing order book of two point eight GW and an order pipeline of around 36 GW, with approximately 23 GW from the domestic market and 12 GW from international markets. The company attributed the slowdown to market conditions and to evolving timelines in bilateral discussions.

Manmohan Sharma told investors that such fluctuations are to be expected and that the company continues to receive orders while executing projects. He noted that despite executing projects and achieving revenues of more than Rs 33 billion (33 bn), Waaree has been able to sustain its order book. Executions in the current financial year have broadly matched inflows of new orders in similar volumes.

Sharma said the order pipeline evolves through bilateral discussions and that the company is likely to secure additional orders in the coming quarter, with the trend expected to continue through the year. The 300 MW project will add to the firm’s capacity under construction and support near-term revenue visibility. The order contributes to near-term execution plans and reinforces the group’s services-led approach. The contract underlines the group’s focus on ground-mounted solar assets and lifecycle services.