PRNewswire
Mumbai (Maharashtra) [India], July 28: Waaree Renewable Technologies Limited (WRTL), one of India's leading Engineering, Procurement and Construction (EPC) companies in the renewable energy sector and a subsidiary of Waaree Energies Limited, today announced the signing of an ECI (Early Contractor Involvement) Agreement with a special purpose vehicle of a top global independent power producer (IPP) ("Principal"), to develop a utility-scale solar photovoltaic (PV) project integrated with a Battery Energy Storage System (BESS) in New Zealand. The project will be undertaken in consortium with two experienced local companies, with WRTL leading solar supply and engineering, marking WRTL's strategic entry into the Australia and New Zealand (ANZ) renewable energy market. The ECI is signed for limited early work; upon completion of ECI work, the Principal may sign the EPC contract for the project with the consortium.
The project is expected to become one of New Zealand's largest solar energy projects upon completion. The integrated renewable energy and storage solution will support the country's transition towards a cleaner energy mix while enhancing grid reliability, improving energy resilience, and enabling greater integration of renewable power.
The ECI agreement represents a significant milestone in WRTL's international growth journey and underscores the company's commitment to expanding its presence in high-growth global renewable energy markets. By partnering with established local companies, WRTL will combine its proven EPC expertise and project execution capabilities with local market knowledge to deliver a world-class renewable energy asset.
The ANZ region continues to be an attractive destination for renewable energy investments, supported by ambitious decarbonization targets, growing electricity demand, and increasing deployment of energy storage solutions. WRTL's entry into this market aligns with its long-term vision of becoming a globally recognized renewable energy solutions provider while contributing to the energy transition in developed markets.
Mr. Sunil Rathi, Executive Director, Waaree Renewable Technologies Limited:
"This agreement marks an important milestone in Waaree Renewable Technologies Limited's international expansion strategy. Entering the ANZ market through this proposed landmark project in New Zealand reflects our confidence in the region's renewable energy potential and our ability to execute large-scale, technologically advanced clean energy projects. We are pleased to collaborate with experienced local partners and look forward to delivering a project that supports New Zealand's clean energy ambitions while strengthening WRTL's global footprint."
The project positions WRTL to pursue further opportunities across the ANZ region and other international markets, building a diversified global portfolio and long-term stakeholder value.
About Waaree Renewable Technologies Limited
Waaree Renewable Technologies Limited (WRTL), a subsidiary of Waaree Energies Limited, is spearheading the Solar EPC business. We are also a solar developer that finances, constructs, owns and operates solar projects. Headquartered in Mumbai, the company provides clean energy to its clients by setting up both on-site solar projects (rooftop and ground-mounted) and off-site solar farms (open access solar plants). The company has also taken measured steps to expand into adjacent segments of the T&D space.
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