Waaree Energies has acquired the Indian business unit of EGP, Enel Green Power India
The INR 7.92 billion deal includes 760 MW DC solar and wind capacity, and around 2.5 GW project pipeline
EGP says this is part of its global strategy to focus on key geographies with integrated energy market presence
Indian solar PV manufacturer and independent power producer (IPP) Waaree Energies Limited has acquired the Indian business unit of Italy’s Enel Green Power (EGP) for INR 7.92 billion ($91.7 million) under a share purchase agreement.
Enel Green Power Development has agreed to sell EGP India to Waaree with its total solar and wind energy portfolio of 760 MW DC/ 640 MW AC. The deal includes joint ventures where EGP India is the majority stakeholder. EGP India also has close to 2.5 GW of additional capacity in the pipeline, spread across the country.
For EGP, this deal is part of its strategy to optimize its global portfolio and asset rotation strategy. Enel’s Head of Asia and Oceania Stéphane Zweguintzow says the strategy is to focus on key geographies with integrated energy market presence.
Waaree Group’s Renewable IPP Business CEO Pawan Kumar Agrawal said, “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.”
The deal strengthens the renewable energy portfolio of Waaree that’s already the ‘largest’ solar PV module manufacturer in India with 13.3 GW installed capacity. It will diversify the company’s revenue streams, enhance its capabilities in wind project execution, and accelerate the growth of its IPP business.
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