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Shares of Waaree Energies Ltd. gained nearly 7% on Thursday May 29, after the company said its wholly-owned subsidiary Waaree Solar Americas received an order from $176 million for the supply of 586 MW solar modules.

It said it received the order from a renowned customer who is a developer and owner-operator of utility scale solar and energy storage projects across the United States.

The supply of 586 MW solar modules is expected is scheduled to begin from the financial year 2027.

Last week, the company’s board approved the acquisition of Kamath Transformers Pvt. Ltd. for ₹293 crore.

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The acquisition is part of Waaree Energies’ business expansion activity and will be completed in the ongoing fiscal year. The company will acquire 100% shareholding in Kamath Transformers on a cash consideration basis.

Waaree Energies said Kamath Transformers is a well-established and progressive company in transformer manufacturing. It was incorporated on May 23, 1996. The company reported a turnover of ₹25.73 crore in financial year 2022, ₹54.41 crore in financial year 2023 and ₹122.68 crore in financial year 2024.

Additionally, the company’s board also approved the acquisition of newly-incorporated non-operating company Green New Delhi Forever Energy Pvt Ltd by Waaree Forever Energies Pvt Ltd, which is a wholly-owned subsidiary of the company. The acquisition is solely for facilitating and holding specific power projects under the independent power producer (IPP) framework.

Shares of Waaree Energies gained 6.97% to hit an intraday high of ₹2992.3 apiece on Thursday, May 29. The stock has gained 11.6% in the past month.

He made the remarks in the 9th Renewable Energy Conference and Exhibition of Iran (IRAN REC 2025) held at Milad Tower in Tehran.

Emphasizing the necessity of replacing electricity with gas in the field of heating, he stated: “In all aspects, including the production and import of solar panels, equipping power plants, modifying production lines for cooling and heating equipment, and construction engineering, precise and executive planning is being carried out with the aim of increasing energy efficiency.”

Addressing the same conference, Energy Minister Abbas Ali-Abadi said that the capacity of Iran’s solar farms capacity has been almost doubled over the past seven months.

He announced efforts to facilitate activities in the development of renewables, and in this regard, improving the business environment for those active in this field is on the agenda.

The minister also considered the goal of the government and the Ministry of Energy to facilitate the activities of the private sector in the development of renewables.

In early March, the Iranian parliament (Majlis) approved the country’s membership in the International Solar Energy Society (ISES).

Founded in 1954, ISES is an UN-accredited membership organization promoting and envisioning a world with 100 percent renewable energy for everyone used wisely and efficiently.

The ISES Headquarters are based in Germany. ISES is the largest international solar organization, with extensive membership worldwide. It has members in more than 110 countries, and Global contacts and partners in over 50 countries with thousands of associate members, and almost 100 company and institutional members throughout the world.  

ISES has a track record of strongly supporting the solar industry, helping shape public opinion through education and outreach activities, and providing informed comment on global issues.

• €98M raised to transition Solveo Energies from development to project commissioning, targeting 800 MW by 2030.
• Mirova-led investment validates Solveo’s full value-chain model and regional energy strategy.
• Funding supports €875M in total investments toward France’s carbon neutrality goals.

Solveo Energies, a French independent renewable energy producer, has raised €98 million in a major financing round led by Mirova, a responsible investment affiliate of Natixis Investment Managers. The funding will fast-track the commissioning of renewable projects and support Solveo’s long-term ambition of deploying 800 MW in installed capacity by 2030.

“We are very proud to welcome Mirova into our entrepreneurial adventure,” said Jean-Marc Mateos, President of Solveo Energies. “This transaction strengthens our model as an independent and territorially anchored player. Thanks to this long-term strategic partnership, we have the means to accelerate our development, solidify our portfolio, and remain true to our convictions: producing sustainable, local energy that respects the regions.”

Jocelyn Dioux, Investment Director at Mirova, noted: “We were particularly convinced by the quality of the teams, the relevance of the asset portfolio, the rigor of the processes, and the clear strategic vision of the company.”

The round was supported by Natixis Partners (M&A), Jeantet (legal), Syneria (technical), KPMG (financial), and De Gaulle Fleurance (legal/tax) on Solveo’s side, while Mirova was advised by Gottengreen, White & Case, and PwC.

This strategic capital infusion positions Solveo to play a leading role in France’s decarbonization efforts, while delivering scalable, regionally aligned energy infrastructure.

TotalEnergies signed an investment agreement with the Government of Kazakhstan for the giant Mirny onshore wind project in response to the dual challenge of reducing carbon emissions and electrifying isolated rural areas. Developed in partnership with the National Wealth Fund Samruk-Kazyna and the National Company KazMunayGas, the wind farm will be capable of supplying one million people with electricity from renewable sources, thereby helping decarbonize the country’s energy mix.

In the Zhambyl region in southeast Kazakhstan, we are developing the Mirny onshore wind project with our partners. It will harness the winds that sweep across the region’s semi-arid expanses (averaging 8.9 meters per second per year) and transform them into low-carbon electricity. Featuring a total capacity of one gigawatt (GW), this onshore wind farm’s 140 wind turbines will be combined with a 600 megawatt-hours (MWh) battery-based ESS for a reliable and sustainable power supply.

Contributing to Kazakhstan’s energy transition

In a country where our Company has been active since 1992, especially through our hydrocarbon production activities, the Mirny project perfectly illustrates the multi-energy strategy that we are implementing in oil and gas countries. Historically focused on oil and gas, and experiencing sustained growth in its energy demand, Kazakhstan has set itself the target of increasing the proportion of renewable energies in its electricity production to 15% by 2030⁽¹⁾.

According to a 25-year power purchase agreement (PPA) signed in June 2023, all the electricity produced by the Mirny project will be sold to the Financial Settlement Center of Renewable Energy, a public entity owned by the Government of Kazakhstan, for the supply of the national grid. The Mirny facilities will deliver 4 TWh a year of renewable electricity, covering the needs of one million inhabitants, i.e. 4% of the country’s production. Mirny will reinforce the solar power plants that we already operate in the country and will help avoid 3.5 million tons of CO₂ emissions per year.

Meeting the technical challenges of a wind farm in the heart of Kazakhstan

The Mirny wind farm is currently the largest wind farm project ever undertaken in Kazakhstan. It represents a real technical challenge, not least because of its sheer size (it is almost 10 times bigger than the country’s largest solar power plant), the region’s extreme weather conditions (a summer-winter temperature difference of 70°C), and its distance from the electricity grid, requiring the construction of more than 200 km of power lines. Construction is due to start in the fall of 2025, with the first electricity injected into the grid in 2028.