Waaree Energies Limited, India’s largest manufacturer of solar PV modules with an installed capacity of 13.3 GW, has entered into a definitive agreement to acquire 100% of Enel Green Power India Pvt Ltd (“EGP India”) from Enel Green Power Development S.R.L. The acquisition is valued at INR 792 crore, subject to customary closing adjustments.
EGP India operates a renewable energy platform with a net capacity of approximately 640 MWAC (760 MWDC), comprising solar and wind projects, including joint ventures where EGP India holds a majority stake. Additionally, EGP India has a project pipeline of around 2.5 GW spread across various Indian states. This acquisition strengthens Waaree’s position as a leading Independent Power Producer (IPP) in India and expands its project development pipeline, following its recent success in securing a utility auction in Madhya Pradesh.
The acquisition is expected to diversify Waaree’s revenue streams, enhance its capabilities in wind project execution, and accelerate the growth of its IPP business. Ambit Private Limited provided strategic financial advice for the transaction, Sarthak Law served as legal counsel, and TUV SUD acted as the technical consultant.
Dr Hitesh Doshi, Chairman & Managing Director of Waaree Energies Limited, commented, “This acquisition is a significant milestone in our growth strategy as we continue our mission for green energy transition. By integrating EGP India’s portfolio, we are creating a strong foundation for future business opportunities, moving closer to our goal of driving global energy transition.”
Pawan Kumar Agrawal, CEO of Waaree Group’s Renewable IPP Business, added, “Acquiring EGP India’s portfolio will significantly boost Waaree Group’s renewable IPP business and enhance our ability to develop, operate, and manage solar and wind energy projects. This acquisition positions us as a leader in India’s renewable energy sector, delivering high-quality solar and wind solutions, as well as sustainable energy alternatives.”
Stéphane Zweguintzow, Enel’s Head of Asia and Oceania, stated, “This deal aligns with Enel’s strategic plan to optimize its global portfolio and asset rotation strategy, focusing on key geographies with integrated energy market presence.”
The completion of the acquisition is subject to customary conditions. Waaree Energies remains committed to driving innovation and sustainability in the renewable energy sector, underscoring its dedication to a cleaner, greener future for generations to come.
Founded in 1990, Waaree Energies Limited (WAAREE) is a leading renewable energy company based in India, accelerating the global transition to sustainable energy. With a manufacturing capacity of approximately 13.3 GW for solar PV modules (including 1.3 GW from Indosolar), Waaree operates state-of-the-art facilities and has a presence across India and over 25 countries.
The company offers a range of innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems. Waaree Energies is committed to sustainability and providing cost-effective energy solutions to power a greener future.
