In a series of developments across India’s solar sector, Waaree Energies and Gujarat Inject have both secured module supply orders, while Bondada Engineering has secured an INR13.38 billion engineering, procurement and construction (EPC) contract from NTPC Renewable Energy for a 250MW solar-plus-storage project in Uttar Pradesh.
Elsewhere, Navitas Solar outlined plans to invest INR15 billion (US$158 million) in a 3.6GW solar cell manufacturing facility in Gujarat alongside a pilot wafer and ingot line and SolarSquare raised US$53 million in a Series C funding round led by B Capital to expand its residential rooftop solar business.
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Waaree Energies secures 800MW domestic solar module supply order
Indian solar giant Waaree Energies has secured an order to supply 800MW of solar modules to an unnamed domestic customer.
The order is scheduled for execution during the 2026-27 financial year, according to a stock exchange filing.
Waaree said the contract is a one-time order and does not involve any promoter or related-party interest. The financials of the order were not disclosed.
On a consolidated basis, the company reported a 71.4% year-on-year jump in net profit to INR10.61 billion (US$112 million) in Q4 FY26, compared with INR6.18 billion (US$65.4 million) in the same quarter last year. Revenue from operations surged 111.8% year-on-year for the quarter ended 31 March 2026.
Recently, Waaree’s EPC subsidiary Waaree Renewable Technologies (WRTL) secured a contract from Sunsational Power Private Limited (SPPL) to develop a 300MW/450MWp ground-mounted solar PV project in India.
The award, received through a Letter of Award (LoA), covered EPC services as well as two years of operations and maintenance (O&M) support following commissioning. The project is scheduled for completion during the 2026-27 financial year.
Bondada wins EPC contract for 250MW solar-plus-storage project
Hyderabad-based EPC firm Bondada Engineering has secured an INR13.38 billion (US$141 million) EPC contract from NTPC Renewable Energy Limited (NTPC REL) for a 250MW solar PV project coupled with a 50MW/200MWh battery energy storage system (BESS) in Uttar Pradesh.
The project, located in Sitapur district, was awarded through a Notification of Award (NOA) and is scheduled to be completed within 18 months. The solar-plus-storage facility forms part of NTPC REL’s efforts to expand utility-scale renewable energy capacity integrated with energy storage.
The award increases Bondada Engineering’s solar EPC order book to approximately 5.5GWp and its BESS order book to around 1.1GWh.
Solar-plus-storage projects are gaining momentum in India as developers and state utilities seek to improve grid stability and support dispatchable renewable energy generation. The combination of solar PV and battery storage is expected to play an increasingly important role in meeting the country’s growing clean energy and round-the-clock power requirements.
Navitas Solar to invest US$158 million in 3.6GW Gujarat solar cell plant
Indian solar manufacturer Navitas Solar plans to invest around INR15 billion (US$158 million) in a 3.6GW solar cell manufacturing facility in Gujarat, alongside a pilot wafer and ingot production line.
The project will be developed in phases, with the first phase expected to be commissioned in 2027. Additional capacity expansions will be based on market conditions and project readiness.
Navitas said civil construction covering more than one million square feet is already underway. Work at the plant is expected to create nearly 1,000 jobs locally.
“Our planned integrated manufacturing expansion in Gujarat is a strategic step towards building a future ready platform across modules, cells and deeper backward integration. With civil work underway, technology partnership in place, key government approvals secured and senior leadership appointed to drive the project, we are progressing with a clear focus on execution, quality, innovation and long-term competitiveness,” said Vineet Mittal, director, finance and strategy, Navitas Solar.
The planned solar cell facility is being designed as a highly automated production plant capable of supporting future technology upgrades and next-generation cell technologies. The company also intends to establish a pilot wafer and ingot manufacturing line in 2027 to reduce dependence on imported upstream solar components.
The announcement comes as India’s solar sector prepares for implementation of the Approved List of Models and Manufacturers (ALMM) List-II requirements for solar cells, which are expected to drive demand for domestically produced cells.
Navitas currently operates 3GW of annual solar module manufacturing capacity, producing mono passivated emitter rear cell (PERC) and tunnel oxide passivated contact (TOPCon) modules, and also manufactures solar encapsulants through its subsidiary Navitas Alpha Renewables.
Gujarat Inject secures US$1.5 million module supply order
Indian PV module supplier Gujarat Inject has secured an order worth approximately INR144.9 million (US$1.5 million) from Deon Energy for the supply of 16,129 solar PV modules rated at 620W.
The Deon Energy order expands Gujarat Inject’s recent solar module contract portfolio, which includes supply agreements with Earthwave Technology, Perfect Renewtech and Surja Infra.
“The order from Deon Energy Limited represents another significant step in strengthening our renewable energy business. It reflects the growing confidence of customers in our capabilities and reinforces our commitment to building a scalable solar solutions platform. We have been consistently expanding our presence in the Solar PV Module segment and this order further strengthens our execution pipeline,” said Deepak Diwan Bachwani, executive director, Gujarat Inject Kerala.
Recently, the company secured a purchase order worth approximately INR10 million (US$104,836) to supply solar PV modules from Gujarat-based Ottire Lifestyle. The agreement covered the supply of 1,334 units of 600Wp solar PV modules. According to the company, the contract is scheduled to be executed by June 2026.
Separately, Gujarat Inject said it has received approval to change its name to Regenova Renewtech Limited.
SolarSquare raises US$53 million in Series C funding round
Indian residential solar company SolarSquare has raised US$53 million in a Series C funding round.
The Series C round was led by B Capital, with participation from existing investors including Lightspeed, Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha and Good Capital.
The funding brings the company’s total capital raised to more than US$100 million since its founding in 2015.
SolarSquare said it will use the proceeds to expand into new cities across India, strengthen its technology and operations platform and scale capabilities in areas including battery storage and home energy management.
Shreya Mishra, CEO of SolarSquare, said: “Five years ago, residential solar was still very nascent. Today, the category has inflected with 100,000 homes adopting solar every ten days in India. We want to build the operating system for this energy transition—with installation solutions, after-sales, financing, battery solutions and home energy management.”
The Mumbai-headquartered company focuses on the residential rooftop solar segment and operates a vertically integrated business model covering system design, installation, financing support and maintenance services. According to the company, it has installed rooftop solar systems at approximately 50,000 homes across India.
The funding comes amid rapid growth in India’s residential solar market following the launch of the PM Surya Ghar: Muft Bijli Yojana (PMSGY) in 2024. More than 3.3 million rooftop solar systems, representing over 12GW of capacity, have been installed under the scheme.
