Waaree to Invest Up to ₹420 Crore in Buldhana Solar Project

Waaree Renewable Technologies Ltd. (WRTL) is planning to develop a 120 MWp solar power park in Buldhana district of Maharashtra as an Independent Power Producer (IPP) project, with an estimated capital expenditure of ₹360–420 crore, according to official sources.

The project will require approximately 360 acres of land and is targeted for completion in FY27, in line with the company’s renewable energy expansion strategy. Funding is expected to be arranged through a combination of internal accruals and debt.

“The proposed 120 MWp solar power park at Buldhana will involve an estimated capital cost of ₹3 crore to ₹3.5 crore per MWp,” said Manmohan Sharma, Chief Financial Officer of WRTL. He noted that the estimate includes expenses related to land acquisition, solar modules, balance-of-system components, as well as evacuation and grid connectivity infrastructure.

Sharma added that the final project cost will depend on detailed specifications, procurement schedules, and execution strategy as the project progresses. The financing structure will also be finalised at a later stage, factoring in prevailing market conditions and financial evaluations.

Planned as an IPP asset, the Buldhana solar park aligns with WRTL’s long-term objective of building and operating renewable energy capacity. Sharma pointed out that utility-scale solar projects typically require around three acres of land per MWp, depending on layout and technical design.

Currently, WRTL derives most of its revenue from engineering, procurement and construction (EPC) contracts. The company is now looking to diversify its revenue streams by pursuing battery energy storage system (BESS) EPC opportunities, while solar EPC continues to remain its core growth driver.

News by Rahul Yelligetti.