Waaree Renewable to invest up to $4.6M to develop a 120 MW solar park in Maharashtra

Waaree Renewable Technologies Ltd. is preparing to take a bigger ownership position in India’s solar sector with plans for a utility-scale project in Maharashtra, as the company looks to balance its EPC-heavy portfolio with long-term power assets. The proposed project will be developed in Buldhana district as an Independent Power Producer (IPP) venture and is aimed at strengthening the company’s long-term renewable energy portfolio.

The solar park is planned with a capacity of 120 MWp and will require around 360 acres of land. Official sources said the project will entail a capital investment of about INR 360 million to INR 420 million and is targeted for completion in FY27, in line with WRTL’s broader expansion plans in clean energy.

“The proposed 120 MWp solar power park at Buldhana will involve an estimated capital expenditure of INR 30 million to INR 35 million per MWp,” Manmohan Sharma, Chief Financial Officer of WRTL, told businessline on Friday. He said the estimate includes costs related to land acquisition, solar modules, balance-of-system components, as well as evacuation and grid connectivity infrastructure. Sharma added that utility-scale solar projects typically require about three acres of land per MWp, depending on layout and technical design, which underpins the land requirement for the Buldhana project.

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The project will be funded through a mix of internal accruals and debt, though the final financing structure is yet to be determined. Sharma said the overall capital outlay would be finalised as the project progresses, based on project specifications, procurement timelines and execution strategy. The financing plan will also be shaped by market conditions and financial assessments at the time of execution.

“The Buldhana solar power park is planned as an IPP project, aligning with the company’s long-term strategy of building and operating renewable energy assets,” Sharma said. While WRTL currently derives the bulk of its revenue from engineering, procurement and construction contracts, the company is also exploring battery energy storage system (BESS) EPC opportunities, even as solar EPC continues to anchor its growth.

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