In a significant move within the renewable energy sector, Waaree Energies Limited, a leading player in India’s solar energy market, has announced its acquisition of Enel Green Power India Private Limited (EGPIPL). The ₹792 crore deal underscores Waaree’s commitment to diversifying its energy portfolio and scaling its presence in the renewable energy domain.

Key Highlights of the Acquisition

1. Acquisition Agreement:
   Waaree Energies signed a Share Purchase Agreement with Enel Green Power Development S.r.l. on January 10, 2025, for the acquisition of 100% shareholding in EGPIPL.

2. Financial Details:
   The total consideration for the acquisition is ₹792 crore, subject to customary closing adjustments. The deal will be executed through a cash consideration.

3. Operational Portfolio:
   EGPIPL boasts a robust portfolio of approximately 640 MWAC (760 MWDC) of solar and wind energy projects, which includes operational assets and projects under development.

4. Ownership Transition:
   Upon completion of the transaction, EGPIPL will become a subsidiary of Waaree Energies, consolidating its position in India’s renewable energy sector.

Strategic Objectives

The acquisition aligns with Waaree’s strategic focus on expanding its Independent Power Producer (IPP) business. Key objectives include:

• Diversification: Broadening revenue streams through solar and wind energy.
• Enhanced Execution: Strengthening project execution capabilities for wind energy.
• Accelerated Growth: Leveraging EGPIPL’s expertise and assets to expedite Waaree’s growth trajectory in renewable energy.

Regulatory and Timeline Details

The acquisition is subject to customary regulatory approvals and conditions precedent, including lender approvals. The transaction is expected to close within three months.

About Enel Green Power India

EGPIPL is the Indian arm of Enel Green Power Development S.r.l., a European leader in renewable energy. Key details include:

• Business Operations: Renewable power generation via solar and wind energy.
• Turnover:
  • FY24: ₹112 crore (excluding ₹271 crore from jointly owned projects).
  • FY23: ₹266 crore.
  • FY22: ₹129 crore.

EGPIPL has made significant strides in renewable energy with a combination of operational projects and developmental assets, making it a valuable addition to Waaree’s portfolio.

About Waaree Energies

Waaree Energies, headquartered in Mumbai, is a leading solar PV manufacturer and a prominent player in India’s renewable energy sector. This acquisition is a testament to its ambitious growth strategy and focus on expanding its foothold in the green energy market.

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