Waaree Renewable Technologies, the publicly listed arm of IPO-bound Waaree Energies, is seeking to purchase Enel Green Power India for an estimated $300-350 million. Enel’s Indian division has a diverse portfolio that includes 760 megawatts peak (MWp) of operational solar and wind power assets, which encompasses 420 MW of solar projects, 340 MW of wind projects, 2 gigawatts (GW) in development, and 190 MW of power purchase agreements.
Insiders suggest that this acquisition could serve as a strategic move to create an independent power-producing platform (IPPP) for Waaree, which is already well-established in the solar engineering, procurement, and construction (EPC) sector. The acquisition would enable Waaree Renewable Technologies to broaden its reach within the IPPP market and diversify its service offerings.
Currently focused on the EPC business for solar panels, Waaree Renewable Technologies has built a solid client base, including major industry names like L&T, Adani Group, and Aditya Birla Group. Acquiring Enel’s assets would significantly enhance Waaree’s presence in India’s renewable energy sector.
Meanwhile, the company parent company is preparing for an initial public offering (IPO), aiming to raise ₹3,000 crore through a fresh issue of shares along with an offer for sale (OFS). This fundraising initiative is expected to equip the company with the capital needed for expansion and future project investments.
Additionally, JSW Energy is reportedly also interested in acquiring Enel’s Indian operations, which could intensify the competition in the bidding process. Waaree Renewable Technologies has not yet commented on the situation. As the company advances toward its IPO and looks to grow through acquisitions, the renewable energy sector may soon experience a significant increase in activity.
In Q1, Waaree RTL reported a net profit of approximately ₹28.16 crore, a remarkable 208.51% increase from ₹9.13 crore in Q1 FY24. The revenue for Q1 FY25 reached ₹236.35 crore, reflecting an 83.31% year-on-year growth compared to ₹128.94 crore in Q1 FY24. As of September 27, at 12:40 PM, the stock was trading up by over 2.2% at ₹1,874 per share.
