New Delhi, Waaree Renewable Technologies Ltd on Monday said it has inked an early contract agreement (ECI) with an SPV of a global company to enter the Australia & New Zealand market.
The company has signed the agreement with a special purpose vehicle of an independent power producer to develop utility-scale solar photovoltaic project integrated with a Battery Energy Storage System (BESS) in New Zealand, a company statement said.
The project will be undertaken in consortium with two experienced local companies with Waaree Renewable Technologies Ltd (WRTL) leading solar supply and engineering.
Also Read: Tata Power eyes first solar exports to Europe as EU curbs China reliance
The agreement is signed for limited early work, and upon completion of ECI work, WRTL may sign the EPC contract for the project with consortium.
The project is expected to become one of New Zealand's largest solar energy projects upon completion.
The Australia and New Zealand (ANZ) region continues to be an attractive destination for renewable energy investments, supported by ambitious decarbonization targets, growing electricity demand, and increasing deployment of energy storage solutions.
Sunil Rathi, Executive Director, WRTL said: "This agreement marks an important milestone in Waaree Renewable Technologies Ltd's international expansion strategy."
WRTL is subsidiary of Waaree Energies and spearheading the Solar EPC business.
