Waaree Energies has signed a share purchase agreement with Enel Green Power Development to acquire 100% of the share capital of Enel Green Power India (EGPIPL).
The transaction is planned for up to Rs7.9 billion ($91.87 million), while the acquisition cost is subject to closing adjustments, as reported by the Business standard.
The transaction is subject to standard regulatory approvals, including from lenders, and is expected to close within three months, provided all conditions in the definitive agreements are met.
The strategic move is expected to strengthen Waaree’s position in the sustainable energy sector.
EGPIPL is owned by Enel Green Power Development, one of Europe’s largest renewable energy companies. EGPIPL operates a diverse portfolio of solar and wind projects across India.
The acquisition portfolio includes 640MWAC [megawatts alternating current]/760MWDC [megawatts direct current] of operational capacity, along with a range of additional projects currently in development.
EGPIPL’s operational projects also include those in joint ventures, where the company retains majority ownership, further strengthening control and influence over the assets.
The acquisition is expected to diversify Waaree Energies’ revenue streams, improve wind project execution capabilities and facilitate accelerated growth of Waaree’s independent power producer (IPP).
Waaree Energies is one of the largest solar PV [photovoltaic] module manufacturers in India with a total installed capacity of 12 GW.
The company focuses on the production of photovoltaic solar panels, developing solar energy projects and generating and selling electricity.
It operates five manufacturing facilities in India, covering an area of 143.01 hectares. It has locations in Surat, Tumb, and in Nandigram and Chikhli, Gujarat, along with the IndoSolar facility in Noida, Uttar Pradesh.
“Waaree Energies to Buy Enel Green Power India for $92 Million” was originally created and published by Power Technology, a brand owned by GlobalData.
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