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The deal marks a strategic expansion into the renewable energy sector for Waaree Energies. Shares of Waaree Energies Ltd ended at ₹2,566.40, down by ₹32.80, or 1.26%, on the BSE.
Solar panel maker Waaree Energies Ltd on Friday (January 10) said it has entered into a share purchase agreement with Enel Green Power Development S.r.l. for the acquisition of 100% of Enel Green Power India Private Ltd (EGPIPL) for up to ₹792 crore, subject to customary closing adjustments.
"...we hereby inform you that Waaree Energies Limited (the Company) has entered into a Share Purchase Agreement with Enel Green Power Development S.r.l (Seller) on January 10, 2025 for acquisition of 100% of the share capital of Enel Green Power India Private Limited (Target or EGPIPL) for a total amount of upto ₹792 crore, subject to customary closing adjustments," according to a stock exchange filing.
The deal marks a strategic expansion into the renewable energy sector for Waaree Energies.
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EGPIPL, which will become a subsidiary of Waaree Energies post-acquisition, owns a portfolio of solar and wind projects in India, totalling approximately 640 MWAC (760 MWDC) in an operational capacity. The portfolio includes projects that are jointly owned by a partner, with a majority equity stake held by EGPIPL.
"The seller is one of Europe’s largest renewable energy companies, and EGPIPL is its Indian business. EGPIPL owns solar and wind projects in India which includes approx. 640 MWAC/760 MWDC operational and portfolio under development. The operational portfolio includes projects jointly owned with a partner where the majority equity stake is with EGPIPL," it added.
The acquisition will enable Waaree Energies to diversify its revenue streams, strengthen its wind energy project execution capabilities, and accelerate the growth of its independent power producer (IPP) business. The transaction is expected to be completed within three months, pending regulatory approvals, including customary approvals from lenders.
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Shares of Waaree Energies Ltd ended at ₹2,566.40, down by ₹32.80, or 1.26%, on the BSE.
