Waaree Energies Ltd., a manufacturer of solar PV modules, said on Saturday that it had signed a definitive agreement to acquire 100% of Enel Green Power India Pvt. Ltd. From Enel Green Power Development S.R.L for Rs792 crore.
“This acquisition positions Waaree among the leading renewable energy independent power producers in the country and expands its project development pipeline, building on recent successes, including a utility auction win in Madhya Pradesh,” the company said.
The acquisition will diversify revenue streams, enhance execution capabilities for wind projects, and expedite growth of Waaree’s IPP business, Waaree Energies added. “This acquisition marks a signicant milestone in our overall growth strategy. By integrating EGP India’s portfolio, we have a strong runway for additional business opportunities,” said Hitesh Doshi, CMD, Waaree Energies Ltd.
“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,” said Stéphane Zweguintzow, Enel’s Head of Asia and Oceanic.
