Indian solar manufacturer Waaree Energies Ltd has signed a definitive agreement to acquire 100% of Enel Green Power India (EGP India) from Enel Green Power Development S.R.L. The value of acquisition currently stands at INR 792 crore, subject to customary closing adjustments.
Enel Green Power, within the Italian power utility Enel Group, develops and operates renewables across the world. Its India arm, EGP India, operates a renewable energy platform with a net capacity of about 640 MWAC (760 MWDC), consisting of solar and wind projects (including projects jointly owned with a partner where majority equity stake is with EGP India), and has a project pipeline of around 2.5 GW across various states in India.
This acquisition expands Waaree’s project development pipeline, building on recent successes, including a utility auction win in Madhya Pradesh. It will diversify revenue streams, enhance execution capabilities for wind projects, and expedite growth of Waaree’s RE project development business as a private-sector producer.
Ambit offered strategic financial advice for the transaction, legal counsel was Sarthak Law, while TUV SUD was the technical consultant.
Hitesh Doshi, chairman & managing director, Waaree Energies, said, “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.”
Pawan Kumar Agrawal, CEO of Waaree Group’s Renewable IPP Business, stated, “Acquisition of EGP India’s portfolio will give a strong head start to Waaree Group’s renewable IPP business and enhance Group’s capabilities in developing, operating, and managing solar and wind energy projects.”
Stéphane Zweguintzow, Enel’s Head of Asia and Oceania, said, “According to Enel’s Strategic Plan, this deal furthers the optimization 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.”
The completion of the acquisition is subject to certain customary conditions precedents
Headquartered in Mumbai, Waaree Energies operates manufacturing facilities with an installed capacity of 13.3 GW for solar PV modules (including 1.3GW of Indosolar). Besides panel manufacturing, it’s also into EPC services and project development.
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