In a significant stride towards India's renewable energy goals, CESC Limited, through its subsidiary Purvah Green Power Private Limited, has issued a Letter of Award to Waaree Renewable Technologies Limited for the development of a major solar power project in Rajasthan.

This development was disclosed on 3rd June 2025 under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and announced to both BSE Limited and the National Stock Exchange of India Limited (NSE).

Project Details

The awarded contract pertains to the design, development, supply, installation, erection, testing, commissioning and handing over of a 300 MW AC / 435 MW DC solar power generating station. The proposed site for the project is located at Khasra No. 1166, Village Karnisar Bhatiyan, Tehsil Poogal, Bikaner, Rajasthan - 334004.

The entire scope of the project has been entrusted to Waaree Renewable Technologies Limited, a prominent domestic entity in India’s solar energy sector.

Financial and Commercial Terms

The total value of the project contract is estimated at approximately ₹346.33 crore, excluding taxes. This figure underlines the substantial size and importance of the project in the country’s push for clean energy generation.

According to the agreement, the project timeline is set for completion within FY 2025-26, indicating that the infrastructure will be in place and operational within the next financial year.

Independence of Transaction

As per the official disclosure:

• There is no related party involvement in this transaction.

• The promoter group or group companies of CESC have no interest in Waaree Renewable Technologies Limited.

• The contract does not qualify as a related party transaction, and it has been executed at arm’s length terms.

This ensures transparency and reinforces the governance standards maintained by CESC and its subsidiaries while undertaking such capital-intensive infrastructure projects.

Significance for CESC and Indian Energy Sector

CESC Limited, known for its role in electricity distribution in Kolkata and other regions, has been progressively expanding its footprint into renewable energy through strategic investments. Purvah Green Power Private Limited, as a subsidiary, is spearheading these initiatives, and this new project marks a key milestone in its growth trajectory.

The execution of a project of such scale by Waaree is expected to contribute significantly to India's solar capacity additions, particularly in Rajasthan, which has consistently ranked among the top states in solar energy potential due to its abundant sunlight and desert landscape.

This project aligns with the Government of India’s vision of achieving 500 GW of non-fossil fuel-based power capacity by 2030, out of which 280 GW is expected to come from solar power.

About Waaree Renewable Technologies

Waaree Renewable Technologies Limited is a subsidiary of the Waaree Group, one of India’s largest vertically integrated solar companies. It has been instrumental in setting up utility-scale solar power plants, rooftop installations, and solar EPC projects.

With this order, Waaree reinforces its position as a trusted EPC player in India’s solar energy segment and contributes towards increasing the share of sustainable energy sources in the national grid.

Forward Outlook

Given the scale of the project and its targeted timeline, investors and stakeholders in CESC and the renewable sector will be watching closely for execution milestones. This collaboration may pave the way for future joint initiatives between Purvah Green Power and other leading solar developers.

Further updates are expected to be disclosed via stock exchanges and company filings as the project progresses through its various implementation stages.

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