Waaree Energies, one of India’s leading solar photovoltaic (PV) module manufacturer, has signed a definitive agreement to acquire hundred percent of Enel Green Power India (EGP India) from Enel Green Power Development S.R.L.
The deal, valued at ₹792 crore, is subject to customary closing adjustments.
Portfolio Expansion
EGP India operates a robust renewable energy platform with a net capacity of approximately 640 MWAC (760 MWDC), which includes solar and wind projects.
The portfolio features projects where EGP India holds a majority stake alongside partners. Additionally, the company boasts a promising project pipeline of around 2.5 GW spread across multiple states in India.
Strategic Vision
Hitesh Doshi, Chairman and Managing Director of Waaree Energies, stated, “This marks a significant milestone in our overall growth strategy. By integrating EGP India’s portfolio, we have a strong runway for additional business opportunities”.
Revenue Diversification and Enhanced Capabilities
The acquisition is set to diversify Waaree Energies’ revenue streams and strengthen its execution capabilities in wind energy projects.
Furthermore, this move will accelerate the growth of Waaree’s Independent Power Producer (IPP) business, enabling the company to deliver on its clean energy ambitions.
Timeline and Strategic Impact
The transaction is expected to conclude within three months, pending the fulfillment of customary conditions precedent.
With this acquisition, Waaree positions itself as one of India’s leading renewable energy IPPs.
The development underscores the company’s commitment to advancing the country’s clean energy landscape. It also reinforces its leadership in the renewable energy sector.
As reported by businessworld.in, Waaree Energies is embracing this transformative opportunity. This move demonstrates the company’s dedication to supporting India’s transition to a sustainable and greener future.
