"Waaree Renewable Technologies plans to invest up to ₹420 crore to develop a 360-acre solar park in Maharashtra."

Waaree Renewable Technologies Ltd. (WRTL) plans to set up a 120 MWp solar power park in Buldhana district of Maharashtra as an Independent Power Producer (IPP) project, entailing a capital expenditure of about ₹360–420 crore, official sources said.

The project will require around 360 acres of land and is targeted for completion in FY27, in line with the company’s renewable energy expansion plans. It will be funded through a mix of internal accruals and debt.

“The proposed 120 MWp solar power park at Buldhana will involve an estimated capital expenditure of ₹3 crore to ₹3.5 crore 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 the final capital outlay would be determined based on project specifications, procurement timelines and the execution strategy as the project progresses. The exact financing structure will also be finalised at a later stage, taking into account market conditions and financial assessments.

“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, noting that such solar projects typically require about three acres of land per MWp, depending on layout and technical design.

WRTL, which currently derives the bulk of its revenue from engineering, procurement and construction (EPC) contracts, is seeking to diversify its income stream by adding battery energy storage system (BESS) EPC opportunities, even as solar EPC continues to anchor its growth.