Waaree Energies Wins 700 MW Solar and 2,800 MWh Energy Storage Project from SECI in Maharashtra
Waaree Energies Ltd has secured a major renewable energy project from Solar Energy Corporation of India Ltd (SECI), strengthening its presence in India’s rapidly expanding solar-plus-energy-storage market.
The company informed the stock exchanges on August 28, 2026, that its wholly owned subsidiary, Waaree Forever Energies Private Limited (WFEPL), received a Letter of Award (LOA) from SECI on August 27, 2026, for the development of a 700 MW Solar and 700 MW/2,800 MWh Energy Storage Solution (ESS) Renewable Energy Power Project in Solapur, Maharashtra.
The development is significant because the project combines large-scale solar generation with grid-scale energy storage, an increasingly important part of India’s renewable energy infrastructure.
Waaree Energies Order: Key Details
According to the company’s stock exchange filing, the project has the following key features:
- Company: Waaree Energies Ltd
- Subsidiary receiving LOA: Waaree Forever Energies Private Limited
- Awarding authority: Solar Energy Corporation of India Ltd (SECI)
- Project location: Solapur, Maharashtra
- Solar capacity: 700 MW
- Energy storage capacity: 700 MW / 2,800 MWh
- Storage duration: 4 hours
- PPA tenure: 25 years from the scheduled commencement of supply date
- LOA date: August 27, 2026
- Nature of contract: One-time project award
- Entity awarding contract: Domestic entity
700 MW Solar + 2,800 MWh Storage: Why It Matters
The most notable feature of the project is the combination of 700 MW solar capacity with 2,800 MWh of energy storage.
The storage capacity translates into approximately four hours of storage duration, calculated as:
2,800 MWh ÷ 700 MW = 4 hours
This means the project is designed around a significant energy-storage component rather than being a conventional standalone solar-generation project.
Energy storage can help renewable power projects manage the intermittent nature of solar generation and improve the ability to supply electricity during periods when solar generation is unavailable.
For Waaree Energies, the project therefore provides exposure to two important renewable-energy themes: large-scale solar power and grid-scale energy storage.
SECI Awards Project to Waaree Subsidiary
The LOA has been awarded to Waaree Forever Energies Private Limited, which is a wholly owned subsidiary of Waaree Energies.
The project is being developed for Solar Energy Corporation of India Ltd (SECI), a government-owned company involved in implementing renewable-energy projects and schemes in India.
The company has stated that neither the promoter/promoter group nor group companies have any interest in SECI. The transaction also does not fall under related-party transactions.
25-Year Power Purchase Agreement
Another important feature is the long-term nature of the project’s power purchase arrangement.
The company’s filing states that the Power Purchase Agreement (PPA) will remain valid for 25 years from the scheduled commencement of the supply date.
A long-term PPA provides an important framework for the project’s future power supply and revenue arrangements.
For investors, the 25-year tenure is therefore an important aspect of the project, although the actual financial contribution to Waaree Energies will depend on project execution, tariffs, costs, financing and other contractual terms.
Waaree Energies Order Value Not Disclosed
While the project capacity is substantial, investors should note that Waaree Energies has not disclosed a rupee value for the order in the August 28 stock-exchange filing.
Under the commercial-consideration section of the company’s Regulation 30 disclosure, the project is described in terms of its 700 MW solar and 700 MW/2,800 MWh ESS capacity.
Therefore, it would be incorrect to assign a specific ₹ crore order value to this announcement without further company disclosure.
This distinction is important because the size of a renewable-energy project in MW or MWh cannot be directly converted into an order value without knowing the project’s tariff, capital expenditure structure, EPC scope and other commercial terms.
Why the Order Is Important for Waaree Energies
The project strengthens Waaree Energies’ exposure to India’s growing renewable-energy infrastructure market.
The addition of energy storage is particularly significant. As India’s share of renewable power increases, energy storage is expected to become increasingly important for balancing supply and demand and improving the usability of intermittent renewable generation.
The project also gives Waaree exposure to a large-scale solar-plus-storage development rather than a standalone solar project.
For investors, this could support the company’s broader renewable-energy project pipeline, although the ultimate earnings impact will depend on execution and the economics of the project.
Strategic Importance of Energy Storage
Solar power generation is naturally concentrated during daylight hours. Energy storage can help shift electricity availability to periods when solar generation is lower or unavailable.
The 2,800 MWh storage component therefore makes this project strategically different from a traditional solar-power project.
India’s renewable-energy expansion is increasingly moving toward a combination of:
- Solar generation
- Wind generation
- Battery energy storage
- Pumped-storage projects
- Hybrid renewable-energy projects
- Round-the-clock renewable power
Waaree Energies’ latest project places the company within this broader transition toward renewable energy combined with storage.
Potential Investor Impact
The announcement is positive from a business-development and order-pipeline perspective for Waaree Energies.
The key positives include the large 700 MW solar capacity, the substantial 2,800 MWh storage component, the involvement of SECI, and the long-term 25-year PPA framework.
However, investors should not immediately translate the project capacity into a specific earnings or revenue number because the company has not disclosed the financial value of the award in the filing.
The market may therefore focus initially on the project’s scale and strategic importance, while subsequent disclosures regarding project cost, tariffs, financing, commissioning schedules and execution will be important for assessing its financial impact.
Waaree Energies Order: What Investors Should Watch Next
Investors should monitor future company disclosures for details regarding:
- Project financial value
- Project cost and financing structure
- Tariff under the PPA
- Construction and commissioning timeline
- Energy-storage technology and supplier
- Revenue and profitability contribution
- Debt/equity funding requirements
- Execution milestones
These factors will provide a clearer picture of how the project could contribute to Waaree Energies’ future financial performance.
Waaree Energies: Major Renewable Energy Opportunity
The latest SECI award is an important development for Waaree Energies because it combines large-scale solar generation with grid-scale energy storage.
The 700 MW solar project and 700 MW/2,800 MWh ESS facility in Solapur represent a significant renewable-energy infrastructure development, while the 25-year PPA framework provides a long-term contractual structure.
However, investors should distinguish between the strategic size of the project and its financial value, which has not been disclosed in the latest filing.
As the company provides additional information about project execution, costs and commercial terms, investors will be able to better assess the potential contribution to Waaree Energies’ revenue, profitability and order pipeline.
Key Takeaways
Waaree Energies’ wholly owned subsidiary Waaree Forever Energies Pvt Ltd has received an LOA from SECI for a 700 MW solar and 700 MW/2,800 MWh energy-storage renewable power project in Solapur, Maharashtra.
The project includes approximately four hours of energy storage, based on the stated 700 MW/2,800 MWh configuration.
The PPA is valid for 25 years from the scheduled commencement of supply date.
The project is strategically important because it expands Waaree Energies’ exposure to the fast-growing solar-plus-storage segment.
However, the company has not disclosed the monetary value of the order, so investors should not assume a specific ₹ crore order value based solely on the project’s capacity.
Disclaimer
This article is intended solely for informational and educational purposes and should not be considered investment, financial, legal, or tax advice, or a recommendation to buy or sell Waaree Energies Ltd shares.
The article is based on the company’s stock-exchange disclosure dated August 28, 2026, and information available in the Letter of Award announcement. The monetary value of the project has not been disclosed by the company in the cited filing, and no independent estimate has been presented as the order value.