Mumbai-based Waaree Renewable Technologies has announced that it has secured an order to construct a 221.8 MWp solar power project for a major Indian steel manufacturer. The company received a Letter of Award (LoA) from the renewable energy arm of the steelmaker for the execution of Engineering, Procurement and Construction (EPC) works of the solar power project. The project is expected to be completed in FY 2023-24 as per the terms of the contract.
Although Waaree Renewable did not disclose the financial details of the project, this news is a significant development for the company as it will contribute to India’s increasing reliance on renewable energy sources. It will also help the country in achieving its target of 450 GW of renewable energy by 2030, as set by the government.
The move towards renewable energy sources comes at a time when India’s energy demand is expected to double by 2040. The country is already heavily dependent on coal-fired power plants for its energy needs, and this move towards renewable energy sources will help to reduce its dependence on fossil fuels.
The Indian government has been making significant efforts to promote renewable energy sources, including setting up ambitious targets and providing subsidies for renewable energy projects. The solar power project awarded to Waaree Renewable Technologies is one such example of the government’s push towards clean energy sources.
Overall, the project will not only help to reduce carbon emissions but also create jobs and provide clean energy to the steel manufacturing company.