Waaree Renewable secures EPC contract for Neemuch solar project

Waaree Renewable Energy Technologies Limited has received a Letter of Award (LoA) worth Rs 2,323 million from Waaree Energies Limited for engineering, procurement, and construction (EPC) works. 

The contract is for setting up 170 MW/255 MWp capacity under Unit-III of the Neemuch Solar Power Park Project in Madhya Pradesh. The LoA was awarded on March 25, 2025.

Waaree Forever Energies Limited, a subsidiary of Waaree Energies, had won the bid for Unit-III in December 2024 by quoting a tariff of Rs 2.15 per kWh. Rewa Ultra Mega Solar Limited (RUMSL) invited bids for the project in April 2024.

RUMSL, a joint venture between Solar Energy Corporation of India (SECI) and Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL), is developing 1,500 MW of solar capacity across three parks in Madhya Pradesh. The 500 MW Neemuch Solar Power Project is being developed in three units: Unit-I (160 MW), Unit-II (170 MW), and Unit-III (170 MW). The first two units have already been commissioned.

The solar park is being developed under the Solar Park Scheme of the Ministry of New and Renewable Energy (MNRE). The World Bank is funding the project, while the International Finance Corporation (IFC) is providing transaction advisory support.