Waaree to Acquire Enel Green Power’s Indian Subsidiary for 792 Cr.
Waaree Energies Limited has signed a share purchase agreement valued at Rs. 792 crore with Europe’s Enel Green Power Development S.r.l for acquiring 100% shares in its Indian subsidiary, Enel Green Power India Pvt. Ltd.
Post this acquisition, Enel Green Power India will become a wholly owned subsidiary of Waaree Energies. Enel Green Power India’s assets that will be acquired by Waaree Energies include solar and wind energy plants with a collective operational capacity of 640 MW. The company specified cash as the mode of payment for this acquisition. Highlighting the rationale behind this acquisition, Waaree mentioned that this will diversify the company’s revenue streams and add to the company’s wind power project execution capabilities.
This acquisition is expected to be completed within the next 3 months.
Commenting on this acquisition, Mr. Pawan Kumar Agrawal, CEO of Waaree Group’s Renewable Independent Power Producer Business said “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”.
Other than being the largest solar module manufacturer in India, Waaree Energy has an Independent Power Producer (IPP) portfolio. As of FY-24, Waaree has an operational capacity of 96 MW as an Independent Power Producer and the company has 2,365 MW of Renewable Energy projects in execution and planning stage.
