Waaree Renewables Technologies has received a cancellation letter from the Assam Power Distribution Company terminating the 125 MW solar power project it had awarded to the company, the company disclosed in an exchange filing.
“We wish to inform you that the company has received cancellation of Letter of Award for Engineering, Procurement and Construction (EPC) works of solar power project of 125 MWAC (181.3 MWp DC) capacity on turnkey basis along with Operation and Maintenance which was awarded to consortium of three members comprises WAAREERTL as one of the member,” the company informed the BSE through the filing.
Signed on March 11, 2025, the project was scheduled to be completed within 18 months from the contract signing.
At 2.30 pm, the share price was down by 5.99% on both the NSE and BSE.
The company, meanwhile, reported a significant increase in revenues from EPC contracts at ₹594.4 crore for Q1FY26, up from ₹228.65 crore in the same period last year, on July 17, when it reported results.
Moreover, Waaree reported that its bidding pipeline remains robust at over 25 GWp (Giga Watt peak), with its unexecuted order book standing at 3.15 GWp to be executed between 12-15 month.
Why Was the Contract Terminated?
The termination comes after the Government of Assam withdrew funding for the solar project through an (Asian Development Bank) ADB loan. The Assam Power Distribution Company (APDCL) said that it was not feasible to pursue the solar project.
“The Government of Assam to withdraw the project from funding through ADB Loan. In light of this decision, APDCL has resolved that it is no longer feasible to pursue the said solar project and hence all the work allotted to the parties for implementation of solar project stands terminated,” the company stated in its stock exchange filing.
