Waaree Energies announced on Friday that it has signed a share purchase agreement to acquire the entire equity stake in Enel Green Power India Pvt (EGPIPL) for up to Rs 792 crore. EGPIPL is the Indian arm of one of Europe’s largest renewable energy firms, according to a regulatory filing. This acquisition will make EGPIPL a subsidiary of Waaree Energies.

The agreement was signed with Enel Green Power Development S.r.l on January 10. The deal involves acquiring 100% of EGPIPL’s share capital, subject to customary closing adjustments. EGPIPL owns solar and wind projects in India, including approximately 640 MWAC (760 MWDC) of operational and developmental projects.

Renewable Energy Portfolio

EGPIPL’s operational portfolio includes projects co-owned with partners, where EGPIPL holds the majority equity stake. This acquisition will diversify Waaree Energies’ revenue streams and enhance its execution capabilities for wind projects. It will also support the rapid growth of Waaree’s Independent Power Producer (IPP) business.

The transaction is expected to conclude within three months, contingent upon meeting conditions outlined in the definitive agreements. The turnover from operations for FY24 was Rs 112 crore, down from Rs 266 crore in FY23 and Rs 129 crore in FY22. Jointly owned project revenues were excluded, amounting to Rs 34 crore in FY23 and Rs 271 crore in FY24.

This strategic move by Waaree Energies aims to strengthen its position in the renewable energy sector by expanding its project portfolio and enhancing its operational capabilities.