Waaree Energies has signed a definitive agreement to acquire 100% of Enel Green Power India (EGP India) from Enel Green Power Development SRL for INR7.92 billion ($91.7 million), subject to closing adjustments.
EGP India, part of Italy’s Enel Group, operates a 640 MW (AC) renewable energy platform, including solar and wind projects, and has a 2.5 GW project pipeline across India. The deal expands Waaree’s project development pipeline, strengthens its wind project capabilities and accelerates the growth of its renewable energy business.
Ambit provided financial advice for the transaction, Sarthak Law acted as legal advisor and TUV SUD acted as technical advisor.
“This acquisition marks an important milestone in our overall growth strategy,” said Hitesh Doshi, Chairman and CEO of Waaree Energies.
CEO Pawan Kumar Agrawal added that the integration of EGP India’s portfolio will give Waaree’s renewable energy business a strong lead.
“Under Enel’s Strategic Plan, this deal promotes the optimization of the Group’s international footprint and asset portfolio with an asset rotation and capital allocation strategy focused on core geographies with an integrated presence in the energy market,” said Stéphane Zweguintzow, Enel’s head of Asia and Oceania. .
Waaree, headquartered in Mumbai, operates 13.3 GW of PV manufacturing capacity, including 1.3 GW from Indosolar. The completion of the acquisition will be subject to customary closing conditions.
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