Waaree Energies Ltd, a leading solar manufacturer in India, saw its shares rise by 2% to ₹2,596.05 after announcing the acquisition of Enel Green Power India (EGP India) for ₹792 crore. The deal is subject to customary closing adjustments and marks a significant milestone in Waaree’s renewable energy business expansion.
Acquisition Highlights:
- Transaction Details: Waaree Energies will acquire 100% of EGP India from Enel Green Power Development S.R.L.
- EGP India Portfolio: The company operates a renewable energy platform with a net capacity of 640 MWAC (760 MWDC), comprising solar and wind projects. Additionally, it has a pipeline of 2.5 GW in development across various Indian states.
- Strategic Importance: This acquisition diversifies Waaree’s revenue streams, boosts its wind project capabilities, and enhances its project development business.
Statements:
- Hitesh Doshi, Chairman & MD, Waaree Energies: “This acquisition marks a significant milestone in our growth strategy, integrating EGP India’s portfolio for additional business opportunities.”
- Pawan Kumar Agrawal, CEO, Waaree Group’s Renewable IPP Business: “The acquisition gives a strong head start to Waaree’s renewable IPP business, enhancing capabilities in developing and managing solar and wind projects.”
- Stéphane Zweguintzow, Enel’s Head of Asia and Oceania: “This deal aligns with Enel’s strategic plan to optimize its global asset portfolio, focusing on core geographies with integrated energy markets.”
Advisors:
- Financial Advisor: Ambit
- Legal Counsel: Sarthak Law
- Technical Consultant: TUV SUD
The acquisition reinforces Waaree’s position in India’s renewable energy sector and supports its ambitious growth trajectory.
TOPICS:
Waaree Energies