Waaree Energies has announced the signing of a share purchase agreement with Enel Green Power Development S.r.l. for the acquisition of 100% of the share capital of Enel Green Power India (EGPIPL) for an amount of up to Rs 792 crore.
Enel Green Power Development S.r.l. is one of Europes largest renewable energy companies, owns EGPIPL, which operates a portfolio of solar and wind energy projects across India. The portfolio includes approximately 640 MWAC / 760 MWDC of operational capacity, with additional projects under development. EGPIPLs operational projects also include those jointly owned with partners, where the majority equity stake lies with the company.
The company said that this acquisition will help to diversify its revenue streams, enhance execution capabilities for wind projects and facilitate expedited growth of Waarees IPP business.
The transaction is subject to customary approvals, including from lenders and it is expected to be completed within three months, pending the fulfilment of conditions outlined in the definitive agreements. The total cost of the acquisition is Rs 792 crore, subject to closing adjustments.
Waaree Energies is the largest manufacturer of solar PV modules in India, with the largest aggregate installed capacity of 12 GW. Presently, it is engaged in the manufacture of solar photovoltaic modules, the setting up of projects in solar space, and the sale of electricity. The company operated five manufacturing facilities in India spread over an area of 143.01 acres. It operates one factory each located at Surat, Tumb; Nandigram, Chikhli in Gujarat, India; and the IndoSolar Facility in Noida, Uttar Pradesh.
