Waaree Renewable Technologies Limited has announced that it has been awarded the EPC (Engineering, Procurement, and Construction) contract for a 40 MWh battery storage system by Continuum Green Energy Limited. This contract, which is valued at approximately INR 40 Crore, was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in compliance with SEBI’s Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.
The project will see Waaree Renewable Technologies executing the EPC work for the battery storage system, a significant step in expanding renewable energy infrastructure in India. The battery storage system is expected to be completed within the financial year 2025-26. This order is a commercial one, with a total capacity of 40 MWh, and will be executed for Continuum Green Energy Limited, a domestic entity.
The announcement, along with Annexure A, details the terms and conditions of the awarded contract. It is important to note that there are no related party transactions involved, as Waaree Renewable Technologies Limited’s promoters and group companies do not have any interest in Continuum Green Energy Limited. The contract falls within the scope of a standard commercial agreement, ensuring that it is conducted at arm’s length.
This contract highlights Waaree Renewable Technologies Limited’s continued involvement in advancing India’s renewable energy capabilities. With an increasing focus on energy storage solutions, this project contributes to the nation’s growing need for reliable and efficient power storage systems, especially in the context of integrating renewable sources like solar and wind into the grid.
Waaree Renewable Technologies has requested the acknowledgment of the receipt of this information, reinforcing transparency and regulatory compliance. The company’s commitment to completing the project on schedule demonstrates its capability in delivering large-scale renewable energy infrastructure projects that support India’s green energy transition.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
