Waaree Energies Limited has announced the acquisition of 100% shareholding in Enel Green Power India Private Limited (EGPIPL) for up to Rs 792 crore, subject to customary closing adjustments. The deal, formalized through a Share Purchase Agreement with Enel Green Power Development S.r.l, aims to expand Waaree’s renewable energy portfolio in India.
Key Details of the Acquisition:
- Target Entity: Enel Green Power India Private Limited (EGPIPL)
- Operational Capacity: EGPIPL owns approximately 640 MWAC (760 MWDC) of solar and wind projects, including joint ventures.
- Acquisition Cost: Up to Rs 792 crore in cash consideration.
- Strategic Objectives: The acquisition will diversify Waaree’s revenue streams, strengthen execution capabilities for wind projects, and accelerate growth in its Independent Power Producer (IPP) business.
- Timeline: The transaction is expected to be completed within three months, subject to regulatory and lender approvals.
About Enel Green Power India:
EGPIPL is the Indian arm of Enel Green Power Development S.r.l, a leading European renewable energy company. The acquired entity’s operational portfolio comprises a mix of solar and wind energy projects, alongside a pipeline of developments.
- Recent Turnovers:
- FY24: Rs 112 crore (excluding joint venture revenues).
- FY23: Rs 266 crore (including Rs 271 crore from joint projects).
This acquisition underscores Waaree Energies’ commitment to scaling its renewable energy footprint, catering to India’s growing clean energy demands.
