Waaree Renewable launches Sunsational Power to boost renewable energy projects

Shares of Waaree Renewable Technologies are in news today after the firm announced the establishment of a wholly owned subsidiary, Sunsational Power, aimed at spearheading the development and management of renewable energy plants.

Waaree Renewable shares fell 2.10% to Rs 1021 in the previous session. Market cap of the firm fell to Rs 10,649 crore. Total 0.66 lakh shares of Waaree Renewable changed hands amounting to a high turnover of Rs 6.84 crore.

This new subsidiary is set to focus on the generation, accumulation, transmission, distribution, purchase, sale, and supply of electricity derived from non-conventional energy sources on a commercial scale. 

Sunsational Power will be responsible for constructing, establishing, operating, and maintaining energy generation facilities across the nation. Additionally, the company will take charge of managing, owning, controlling, erecting, commissioning, operating, leasing, or transferring power plants that harness non-conventional energy sources such as solar, wind, mechanical, electrical, and hydel. It will also serve as an Engineering, Procurement, and Construction (EPC) contractor for these power initiatives.

Sunsational Power plans to establish solar parks and renewable energy systems throughout India.

The company has invested a share capital of Rs 1 lakh, divided into 10,000 shares valued at Rs 10 each, thereby securing a 100% ownership stake in Sunsational Power Private. The certificate of incorporation is currently pending.

Waaree Renewable Technologies (WRTL), part of the Waaree Group, is a leader in the Solar EPC sector. The firm specializes in providing clean energy solutions through the implementation of both on-site solar projects (such as rooftop and ground-mounted systems) and off-site solar farms (open access solar plants).