Waaree Group has won Rewa Ultra Mega Solar’s (RUMSL) auction to develop a 170 MW solar power project at the Neemuch Solar Park in Madhya Pradesh.

The company quoted a tariff of ₹2.15(~$0.025)/kWh to win the auction.

The project is financed by the World Bank with the International Finance Corporation providing transaction advisory support.

The tender for the project was floated in April this year.

The Neemuch Solar Park spans approximately 341 hectares, with the requisite infrastructure for power evacuation. RUMSL will provide the power evacuation infrastructure, comprising one 33/220 kV outdoor substation dedicated to the project at the solar park.

The project substation will also comprise two 110 MVA transformers and five 220 kV bays, including the transformer feeders and nine 33 kV circuit terminals to enable connections to the project, and one single circuit 220 kV transmission line connecting the 220 kV side of the project substation to the bay at the 220/400 kV substation.

The electricity generated will be transmitted through the Interstate Transmission System, serving Madhya Pradesh and Indian Railways across seven states. This dual-purpose strategy bolsters renewable energy adoption while contributing to Indian Railway’s decarbonization efforts. The power generated will be procured by the Madhya Pradesh Power Management Company and West Central Railway.

Waaree emerged as one of the top solar module suppliers in 1H 2024, according to Mercom’s India Solar Market Leaderboard 1H 2024.

In September, Waaree Energies’ ₹43.21 billion (~$513.95 million) initial public offering garnered strong investor interest from institutional and retail buyers. At the end of the bidding window on October 23, 2024, the issue was oversubscribed 76 times.

Waaree Renewable Technologies, the solar engineering, procurement, and construction arm of the Waaree Group, posted a total revenue of ₹5.24 billion (~$62.24 million) in the second quarter of the financial year 2025, an increase of 249.5% year-over-year.