Waaree Energies Limited, a leading Indian renewable energy company, has announced its acquisition of 100% of the share capital of Enel Green Power India Private Limited (EGPIPL), marking a significant step in the company’s expansion into the renewable energy sector. The agreement was finalized on January 10, 2025, as Waaree entered into a Share Purchase Agreement with Enel Green Power Development S.r.l. (the Seller), one of Europe’s largest renewable energy companies. The total consideration for the acquisition is up to ₹792 crores, subject to customary closing adjustments.
EGPIPL is a prominent player in the Indian renewable energy market, with a portfolio that includes 640 MWAC (760 MWDC) of solar and wind energy projects, both operational and under development. These projects are primarily located across India, contributing significantly to the country’s renewable energy generation. The operational portfolio also includes projects where EGPIPL holds the majority equity stake, along with a partner.
This acquisition, which sees EGPIPL becoming a subsidiary of Waaree Energies, is part of the company’s strategic efforts to diversify its revenue streams and expand its capabilities in the renewable energy sector. With this move, Waaree is set to strengthen its position in the wind energy space and expedite the growth of its Independent Power Producer (IPP) business. By integrating EGPIPL’s operational and developing projects into its portfolio, Waaree aims to accelerate its renewable energy projects and enhance its execution capabilities.
The acquisition is a significant milestone for Waaree, allowing it to further its commitment to sustainable power generation and increase its share of the Indian renewable energy market. With this move, Waaree will be able to better leverage EGPIPL’s established presence in the country, which will also enhance the company’s competitive edge in the growing renewable energy sector.
The acquisition process is subject to the fulfillment of conditions outlined in the definitive agreements, and the completion of the deal is expected within three months. Waaree Energies will need to secure customary approvals, including from lenders, to finalize the deal. The entire transaction will be carried out as a cash consideration, with Waaree acquiring 100% of the shares of EGPIPL.
EGPIPL, part of the Enel Green Power Group, has been instrumental in the development of renewable energy projects in India. The company’s track record over the past three years has shown a steady revenue trajectory, with turnover reported at ₹112 crores for FY24, ₹266 crores for FY23, and ₹129 crores for FY22. This excludes the revenue from projects jointly owned with partners.
This acquisition not only enhances Waaree Energies’ footprint in the renewable energy sector but also helps to achieve the Indian government’s targets for increasing the share of renewable energy in the country’s overall energy mix. As the renewable energy sector continues to grow in India, this strategic move positions Waaree Energies as a key player in the industry, capable of addressing the nation’s increasing energy demands sustainably.
The deal has been welcomed by stakeholders in the renewable energy sector, who view this acquisition as an important step towards achieving greater renewable energy capacity in India, which is crucial for meeting both national and global climate goals. Waaree Energies is now poised to play a leading role in the country’s green energy transition.
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