GRE Renew Enertech Ltd

GRE Renew Enertech Ltd has announced the resignation of its statutory auditors, M/s. Dhiren H Pandya & Associates LLP, effective August 14, 2026. The resignation stems from a disagreement over professional fees for the financial year 2026-27. The auditors requested a revision in fees due to increased scope and responsibilities associated with the company's listed status, including enhanced financial reporting and regulatory compliance. The Audit Committee did not agree to the proposed fee revision, leading the auditors to conclude that they could not continue under the current commercial terms. The auditors confirmed no other material reasons for their resignation, including issues with information availability, management cooperation, or disputes over accounting policies.

GRE Renew Enertech Ltd has announced receiving new orders aggregating ₹23,99,74,407/- during the first half of July 2026. These orders, received in the ordinary course of business, include Turnkey EPC contracts for solar power plants of varying capacities. The company's total order book now stands at approximately ₹248 Crore. The orders are from domestic entities and involve standard commercial terms, with execution timelines ranging from approximately 6 to 12 months. This update is part of the company's regular business update mechanism for enhanced transparency.

GRE Renew Enertech Limited has announced crossing the 100 MWp cumulative solar installations milestone. The company's consolidated active order book stands at approximately 75 MWp, valued at ₹224 crore. This includes a significant ₹175 crore turnkey order from Solarium Green Energy Limited for a 50 MW AC/65 MW DC project. The company also commissioned a 7.20 MW solar power plant under the RESCO model. GRE reported a Profit After Tax (PAT) of ₹13.6 crore for FY26, with a 3-year CAGR of 147%. The company operates under both EPC (CAPEX) and RESCO (OPEX) models and prioritizes domestic solar modules.

GRE Renew Enertech Ltd has announced the receipt of a significant EPC order valued at ₹17,75,21,985/-. The order involves the turnkey execution of a 5.2416 MW (DC) / 3.90 MW (AC) grid-connected ground-mounted solar power project, including associated transmission infrastructure. This order was received from Standard Solar Limited during the period of June 16-30, 2026. The company has clarified that this is a routine order received in the ordinary course of its existing EPC operations and does not involve any new business segments or changes to its business model. The execution period is approximately 6 months.

GRE Renew Enertech Ltd has executed a definitive Engineering, Procurement and Construction (EPC) Agreement with Solarium Green Energy Limited. This agreement formalizes a previously issued Letter of Award and pertains to the development of an approximately 50 MW AC / 65 MW DC Ground Mounted Solar PV Project. The contract also includes Operation & Maintenance (O&M) services for three years. The total contract value is ₹175 crore, with ₹170 crore for EPC works and ₹5 crore for O&M. The terms are in line with the LOA, with no material deviation in commercial scope or consideration.

GRE Renew Enertech Ltd has received a Letter of Award (LOA) from Solarium Green Energy Limited for Engineering, Procurement, and Construction (EPC) works on a utility-scale, ground-mounted Solar PV Project. The project involves developing approximately 50 MW AC / 65 MW DC capacity, including associated infrastructure. The contract also includes Operation & Maintenance (O&M) services for three years. The total contract value is ₹175 crore, with ₹170 crore for EPC and ₹5 crore for O&M, exclusive of taxes. This award is in the ordinary course of GRE Renew Enertech's business.

GRE Renew Enertech Ltd has incorporated 'GRE Foundation' as its wholly-owned subsidiary, a Section 8 Company. This entity will serve as a dedicated CSR implementation arm, focusing on social welfare, education, healthcare, environmental sustainability, and community development. The incorporation involved a nominal cash consideration of ₹0.01 Crore for an initial share capital of ₹1,00,000. This move is part of the company's restructuring initiative to streamline CSR and community development programs.

GRE Renew Enertech Ltd has announced the successful commissioning and operationalization of its Ground Mounted Solar Power Projects, Project A and Project B, totaling 7.20 MW (AC) / 9.67 MW (DC). These projects, located in Sabarkantha, Gujarat, are part of the company's Initial Public Offer (IPO) objectives. The projects commenced power generation on May 27, 2026, following necessary approvals. This development is a significant step in executing the company's growth strategy and fulfilling its IPO fundraising goals. The commissioning certificate from Gujarat Energy Development Agency is pending.

GRE Renew Enertech Ltd announced that its wholly owned subsidiary, GRE Green Energy Private Limited, has commissioned a 1.5 MW (AC) solar power project in Gujarat. The project, located in Mehsana district, commenced power generation on May 30, 2026. This expansion of renewable energy assets is expected to contribute to the company's growing asset base. The commissioning certificate from GEDA is pending.

GRE Renew Enertech reported on the utilization of IPO proceeds for the quarter ended March 31, 2026. The company raised ₹3,956.40 Lakhs through its IPO. There were deviations in the utilization of funds, specifically related to issue expenses, where actual expenses were ₹400.36 Lakhs against an estimated ₹433.59 Lakhs, resulting in savings of ₹33.23 Lakhs. These savings will be utilized for incremental costs in setting up a solar power plant. As of March 31, 2026, ₹2,386.38 Lakhs has been utilized out of the total funds raised.