Waaree Renewable Technologies Ltd (WRTL), which currently derives a significant share of its revenue from engineering, procurement and construction (EPC) contracts, is actively working to broaden its revenue mix by adding battery energy storage system (BESS) EPC projects. While solar EPC will continue to anchor growth, the company sees storage as a key driver of future expansion.
Focus on BESS EPC, Including Data Centres
At present, WRTL operates across three revenue streams—EPC, operations and maintenance (O&M), and its own independent power producer (IPP) generation portfolio. Going forward, however, the company plans to aggressively pursue BESS EPC opportunities, including projects linked to data centres. According to Chief Financial Officer Manmohan Sharma, the company is already executing one BESS EPC order during the current year, marking a concrete step into this emerging segment.
Strong Order Book Supports Near-Term Growth
Waaree Renewable’s growth outlook over the next 12 to 15 months remains robust, supported by a healthy executable order book of 2.9 GW. The majority of this backlog comes from private sector customers, providing visibility and execution confidence. Of the total order book, around 22 per cent in value terms is linked to government projects, while the remaining share is driven by private clients, Sharma noted.
Rising Demand for Hybrid Solar-Storage Solutions
As grid operators and consumers increasingly seek round-the-clock power and improved grid stability, battery energy storage is becoming a critical add-on to solar projects. In response, Waaree is witnessing growing customer interest in hybrid solar-plus-storage solutions. Building on its existing EPC revenues, the company is evaluating a wide range of BESS EPC opportunities to capitalise on this trend.
Early Wins and Expansion Opportunities in Storage
Notably, Waaree Renewable has already secured a 90 MWh battery energy storage system order, giving it an early foothold in the segment. In addition, the company is seeing rising demand to retrofit storage systems at existing solar power plants, typically with one- to two-hour storage capacity. This trend is expected to further expand Waaree’s presence in the BESS EPC space.
Large Project Pipeline with Storage Components
As reported by thehindubusinessline.com, Beyond its confirmed order book, Waaree Renewable is tracking a substantial pipeline of potential projects. The company is currently following up on around 29 GW of prospective opportunities, including 5–6 GW of tenders, several of which include battery energy storage components. Taken together, these developments underline Waaree Renewable’s strategy to position battery energy storage as a key growth pillar alongside its core solar EPC business.
