Shares of Waaree Energies Ltd gained nearly 4% on Wednesday following the announcement that its wholly-owned subsidiary, Waaree Forever Energies Private Ltd, received a Letter of Award (LoA) for the development of a 170 MW solar power plant in Madhya Pradesh. The project has been awarded by Rewa Ultra Mega Solar Ltd (RUMSL).
The solar power plant will integrate with the Inter-State Transmission System (ISTS), facilitating the transmission of clean energy. The renewable energy generated will be supplied to Madhya Pradesh Power Management Company Ltd and Indian Railways, contributing significantly to India’s renewable energy targets.
In a regulatory filing, Waaree Energies stated, “This project underscores our commitment to sustainable energy solutions and marks a significant milestone in advancing India’s renewable energy infrastructure.”
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