Waaree Energies Ltd has taken a significant step toward expanding its renewable energy footprint. The company has signed a definitive agreement to acquire 100 per cent of Enel Green Power India Pvt Ltd (EGP India) from Enel Green Power Development S R L, with the deal valued at Rs 792 crore, subject to customary closing adjustments.
EGP India brings a net capacity of about 640 MWAC (760 MWDC) through its portfolio of solar and wind projects, including joint ventures where it holds the majority stake. Additionally, it has a project pipeline of around 2.5 GW across various states in India. This acquisition strategically positions Waaree Energies as one of the top renewable energy Independent Power Producers (IPPs) in the country, expanding its project development pipeline and building on its recent utility auction win in Madhya Pradesh.
Dr Hitesh Doshi, Chairman and Managing Director, Waaree Energies, expressed the importance of the acquisition in the company’s broader growth strategy: “Our mission is the green energy transition, and this acquisition marks a significant milestone in our overall growth strategy. By integrating EGP India’s portfolio, we have a strong runway for additional business opportunities. We are excited about the potential this acquisition holds for delivering greater value to our stakeholders and see it as another important step towards the global energy transition.”
The integration of EGP India’s assets is expected to diversify Waaree’s revenue streams, enhance its capabilities in executing wind energy projects, and accelerate the growth of its IPP business. Pawan Kumar Agrawal, CEO, Renewable IPP Business, Waaree Group emphasized the strategic advantages, saying, “Acquisition of EGP India’s portfolio will give a strong head start to Waaree Group’s renewable IPP business and enhance Group’s capabilities in developing, operating, and managing solar and wind energy projects. We are excited about this acquisition, as it positions us to take a leadership role in the Indian renewable energy space, delivering not only high-quality solar and wind products, but also clean and sustainable energy solutions such as FDRE and RTC.”
The transaction, which also involved financial advice from Ambit Pvt Ltd, legal counsel from Sarthak Law, and technical consultation from TUV SUD, will significantly enhance Waaree’s renewable energy portfolio. Stéphane Zweguintzow, Head-Asia and Oceania, Enel noted that the deal aligns with Enel’s broader strategy, stating, “According to Enel’s Strategic Plan, this deal furthers the optimization of the Group’s international footprint and asset portfolio with an asset rotation and capital allocation strategy focused on core geographies with an integrated energy market presence.”
The completion of the acquisition is subject to certain customary conditions, but it underscores Waaree Energies’ commitment to the renewable energy sector and its ongoing efforts to contribute to the global green energy transition.