Waaree Renewable Technologies Awarded 350 MW / 1,400 MWh Battery Energy Storage System Contract

Waaree Renewable Technologies has been awarded a turnkey Engineering, Procurement, and Construction (EPC) contract by Waaree Forever Energies for a Battery Energy Storage System (BESS) with a capacity of 350 MW / 1,400 MWh. The agreement covers the entire project lifecycle, ranging from initial engineering through to final construction and commissioning. This project represents a shift toward storage-linked energy formats within the Indian utility sector.

Project Specifications and Technical Scope

The technical scope and service requirements for the project are defined as follows:

• Capacity: The system features a 350 MW power rating and a 1,400 MWh energy capacity, establishing a 4-hour discharge duration as the standard for this utility-scale configuration.
• Contract Type: A turnkey EPC arrangement that includes all aspects of engineering, procurement, and construction.
• Maintenance Agreement: The contract stipulates a two-year Operation and Maintenance (O&M) service period following project commissioning.
• Technical Context: The 4-hour BESS configuration is designed to facilitate Firm and Dispatchable Renewable Energy (FDRE) and Round-The-Clock (RTC) power supply. These formats are increasingly required by Distribution Companies (DISCOMs) to manage renewable intermittency and address peak demand requirements.

Counterparty and Execution Timeline

The project is awarded by Waaree Forever Energies and is scheduled for completion within the Financial Year 2026-27.

Market Context: The Transition to Storage-Backed Energy

This contract reflects a broader structural change in the Indian solar market, as DISCOMs pivot away from standalone solar projects toward storage-backed energy solutions. This transition is supported by documented industry data and shifting tender preferences.

• Hidden Demand Multiplier: According to the “India Solar Manufacturing” report, complex tenders like Solar + BESS (4hr) require a higher physical module capacity than standalone plants. While a standard solar project typically utilizes a 1.4x AC/DC ratio, a Solar + BESS (4hr) project requires a 1.3x multiplier for storage, resulting in a total module requirement of 1.8x the AC output. For this 350 MW project, the implied module demand is approximately 630 MW DC.
• The Re-tendering Wave: Market data indicates a shift away from “plain-vanilla” solar. Of the approximately 58 GW of currently unsigned solar Power Purchase Agreements (PPAs), 73% are for standalone solar projects. These projects face a low probability of being signed as DISCOMs prioritize firm power formats. This project aligns with the trend of re-tendering such capacities into complex formats (BESS/FDRE), effectively converting 1.4x module demand events into 2.0x or higher demand events.
• Pace of Build-out: The execution of this contract occurs during an era of accelerated installation. While the first 50 GW of solar in India required 11 years to build, the most recent 50 GW was completed in just 14 months.
• Utility-Scale Installation Trends: Utility-scale projects accounted for approximately 21 GW of installations in FY26, representing 47% of the total 45 GW installed across all solar segments during that period. The transition toward storage-backed projects like this 350 MW BESS ensures that module demand growth outpaces installation capacity growth as the market moves toward a projected 85 GW of annual demand by FY30.