Waaree Energies buys Italian energy giant Enel Green Power's India biz

In a strategic move to solidify its position in India’s renewable energy sector, solar company Waaree Energies has said that it has agreed to acquire energy company Enel Green Power India (EGP), the Indian subsdiary of the Italian renewable energy firm, Enel Green Power Development S.R.L. The transaction, valued at Rs 792 crore, is subject to customary closing adjustments.

The acquisition of EGP India, which boasts a renewable energy platform with a net capacity of approximately 640 MWAC (760 MWDC) comprising both solar and wind projects, would enhance Waaree’s expanding portfolio. EGP India also holds a promising project pipeline of around 2.5 GW across various states in India and this could offer Waaree substantial growth opportunities in the green energy space.

As part of the acquisition, Waaree Energies is set to bolster its project development pipeline, adding to its recent accomplishments, including a significant utility auction win in Madhya Pradesh, the company said in a statement.

As per Waree, this acquisition could position the Mumbai-based solar module maker among the leading power producers in India’s rapidly growing renewable energy sector.

Hitesh Doshi, Chairman & Managing Director of Waaree Energies, emphasised the strategic importance of the deal.

"Our mission is the green energy transition, and this acquisition marks a significant milestone in our overall growth strategy. By integrating EGP India’s portfolio, we have a strong runway for additional business opportunities. We are excited about the potential this acquisition holds for delivering greater value to our stakeholders and see it as another important step towards the global energy transition," he said.

Pawan Kumar Agrawal, CEO of Waaree Group’s Renewable IPP Business, highlighted the acquisition’s importance in expanding Waaree’s footprint.

“The acquisition of EGP India’s portfolio will give a strong head start to Waaree Group’s renewable IPP business and enhance the Group’s capabilities in developing, operating, and managing solar and wind energy projects. We are excited about this acquisition, as it positions us to take a leadership role in the Indian renewable energy space, delivering not only high-quality solar and wind products but also clean and sustainable energy solutions such as FDRE and RTC,” he said.

Stéphane Zweguintzow, Enel’s Head of Asia and Oceania, explained that the sale aligns with Enel’s global strategy.

"According to Enel’s Strategic Plan, this deal furthers 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 energy market presence," she said.

The deal is also a significant step for Waaree Energies as it seeks to lead in the Indian renewable energy market, strengthening its ability to meet the country’s growing demand for clean energy.