Waaree Energies Acquires Enel Green Power India for INR 792 Crore
Waaree Energies strengthens its renewable energy portfolio with the acquisition of EGP India, adding 640 MW capacity and a 2.5 GW project pipeline. This move positions Waaree as a leading Independent Power Producer in India.
January 11, 2025. By EI News Network
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Mumbai-based solar firm Waaree Energies Ltd. has announced its agreement to acquire 100 percent of Enel Green Power India Pvt. Ltd. (EGP India) from Enel Green Power Development S.R.L. for INR 792 Crore, subject to standard closing adjustments.
This deal positions Waaree as a major player in the renewable energy sector as an Independent Power Producer (IPP) in India, complementing its existing solar PV module manufacturing capacity of 13.3 GW.
According to the firm's statement, EGP India has a renewable energy capacity of 640 MWAC (760 MWDC) across solar and wind projects, some co-owned with partners. The company also has a 2.5 GW project pipeline across India, significantly boosting Waaree's position in the renewable energy market.
The acquisition was supported by Ambit Pvt. Ltd. as the financial advisor, Sarthak Law as the legal counsel, and TUV SUD as the technical consultant, the firm added.
Commenting on this, Dr. Hitesh Doshi, Chairman and Managing Director, Waaree Energies Ltd., said, "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."
Further, Pawan Kumar Agrawal, CEO of Waaree Group’s Renewable IPP Business, added, “Acquisition of EGP India’s portfolio will give a strong head start to Waaree Group’s renewable IPP business and enhance the 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.”
Stephane Zweguintzow, Enel’s Head of Asia and Oceania, said, "According to Enel’s Strategic Plan, this deal furthers the optimisation 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.”
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