Waaree Renewable eyes power generation
Waaree Renewable Technologies Ltd is looking to venture into power generation, aligning with India’s drive towards renewable energy, said Hitesh Mehta, executive director and chief financial officer, Waaree Renewable, in an interview. The company is in talks with potential partners, however, no definitive progress has so far been made, he added. Waaree Renewable Technologies is the solar engineering, procurement and construction (EPC) subsidiary of the Waaree Group that is involved in ownership, financing, construction as well as operation of solar projects.
“Not much focus on independent power producer (IPP) side as of now. Definitely once we get some opportunity, we get a good player who intends to join us for the IPP business in that case we can think about it in a big way... (with) somebody who intends to come as a partner and also with a good amount of capital," he added.
“We are looking for partners, talking to people, but as of now nothing is on the table." The company’s plan to foray into power generation business comes amid India’s efforts to expand renewable energy capacity significantly to realize its ambitious net zero target. India’s installed capacity of green energy is at 173.619 GW while the government aims to reach 500 GW in renewables by 2030. Currently, the company’s operations and maintenance (O&M) portfolio of solar power assets stands at over 490 MW.
In the solar EPC space, the company has about 70% of its operations in the utility segment, and 30% is in commercial and industrial (C&I) space, Mehta said. Going forward, the company would focus on adding more and more utility projects and the ratio of projects in utility and C&I would largely remain the same. As part of its diversification plans,
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