Waaree Energies Limited, the largest manufacturer of solar PV modules in India with an installed capacity of 13.3 GW, has reached an agreement to acquire 100% of Enel Green Power India Pvt Ltd (EGP India) from Enel Green Power Development S.R.L. The deal, valued at INR 792 crore, is subject to standard closing adjustments.
EGP India operates a renewable energy platform with a capacity of approximately 640 MWAC (760 MWDC), including both solar and wind projects, some of which are jointly owned with partners where EGP India holds the majority equity stake. The company also has a project pipeline of around 2.5 GW across multiple Indian states.
This acquisition strengthens Waaree’s position as one of the top renewable energy Independent Power Producers (IPPs) in India and expands its project development capabilities, following recent achievements such as a utility auction win in Madhya Pradesh. The deal will diversify Waaree Energies’ revenue streams, enhance its ability to execute wind energy projects, and accelerate the growth of its IPP business. Strategic financial advisory was provided by Ambit Private Limited, while legal services were offered by Sarthak Law, and TUV SUD acted as the technical consultant.
Dr Hitesh Doshi, Chairman & Managing Director of Waaree Energies, expressed that this acquisition is a significant step in their growth strategy and mission for the green energy transition, expanding their business opportunities in the renewable sector.
Pawan Kumar Agrawal, CEO of Waaree Group’s Renewable IPP Business, highlighted that the acquisition would give Waaree a strong start in the renewable IPP market and enhance the Group’s capability in managing solar and wind energy projects. Stéphane Zweguintzow, Enel’s Head of Asia and Oceania, mentioned that the deal aligns with Enel’s strategy of optimizing its international footprint and focusing on core geographies with integrated energy markets. The completion of the acquisition is pending customary conditions, further underscoring Waaree Energies’ commitment to sustainability and the global energy transition.
Founded in 1990, Waaree Energies Limited (WAAREE) stands as a leader in India’s renewable energy sector, driving the global shift towards sustainable energy. Headquartered in Mumbai, the company boasts advanced manufacturing facilities with a combined solar PV module production capacity of approximately 13.3 GW, including 1.3 GW from Indosolar.
With a presence spanning across India and more than 25 countries worldwide, Waaree offers a comprehensive range of solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems. Dedicated to promoting sustainability, Waaree delivers innovative and cost-effective energy solutions to power a greener and brighter future.
