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Waaree Energies Solar Module Supply Contract
Waaree Energies Ltd. announced receiving a letter of award for supplying solar PV modules with a total capacity of 180 megawatt peak. The modules will be provided to a renowned customer in the renewable energy sector, specifically for the development and operation of renewable power projects in India. The supply is expected to start in the financial year 2025–26.
Acquisition of Enel Green Power India
In a separate development, Waaree Energies revealed plans to acquire Enel Green Power India Pvt. (EGPIPL), a company with a substantial portfolio of solar and wind projects. The acquisition will involve purchasing 100% of the share capital of EGPIPL for Rs 792 crore, subject to customary closing adjustments. Following the acquisition, EGPIPL will become a subsidiary of Waaree Energies. This acquisition is poised to strengthen Waaree's business by diversifying its revenue streams and enhancing its capabilities in executing wind energy projects.
Capital Expenditure Commitments
Waaree Energies also approved a significant capital expenditure plan, committing nearly Rs 3,500 crore towards its electrolyser, lithium-ion battery, and inverter manufacturing businesses. The largest chunk, Rs 2,073 crore, will be invested in establishing a 3.5 GWh lithium-ion advanced chemistry storage cell manufacturing plant under Waaree Energy Storage Solutions Pvt., a wholly owned subsidiary. This will be funded through a combination of debt and internal accruals.
Stock Performance
Following the announcement, Waaree Energies’ stock saw a 1.12% increase, closing at Rs 2,634.6 per share, outperforming the broader market (NSE Nifty 50, which advanced 0.61%). Over the past 12 months, the company’s share price has risen by 12.64%.
Analysts’ Outlook
Despite the positive stock performance, an analyst tracking the stock suggests a "sell" recommendation. According to Bloomberg data, the average of 12-month analysts' price targets indicates a potential downside of 3.2% for Waaree Energies.
