Mumbai, January 11, 2025 – Waaree Energies Limited, India’s largest manufacturer of solar PV modules with an installed capacity of 13.3 GW, has signed a definitive agreement to acquire 100% of Enel Green Power India Pvt Ltd (“EGP India”) from Enel Green Power Development S.R.L. The consideration of the acquisition currently stands at INR 792 Cr, subject to customary closing adjustments.

EGP India operates a renewable energy platform with a net capacity of about 640 MWAC (760 MWDC), consisting of solar and wind projects (including projects jointly owned with a partner where majority equity stake is with EGP India), and has a project pipeline of around 2.5 GW across various states in India. This acquisition positions Waaree among the leading renewable energy Independent Power Producers (IPPs) in the country and expands its project development pipeline, building on recent successes, including a utility auction win in Madhya Pradesh.

The acquisition will diversify revenue streams, enhance execution capabilities for wind projects, and expedite growth of Waaree’s IPP business. Ambit Private Limited offered strategic financial advice for the transaction, legal counsel was Sarthak Law, while TUV SUD was the technical consultant.

Dr. Hitesh Doshi, Chairman & Managing Director, Waaree Energies Limited, said “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.”

Pawan Kumar Agrawal, CEO of Waaree Group’s Renewable IPP Business, stated “Acquisition of EGP India’s portfolio will give a strong head start to Waaree Group’s renewable IPP business and enhance 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.”

Stéphane Zweguintzow, Enel’s Head of Asia and Oceania, said “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.”

The completion of the acquisition is subject to certain customary conditions precedents. Waaree Energies continues to lead in renewable energy, promoting innovations for a sustainable planet. This acquisition underscores its dedication to future generations and its commitment to the renewable energy landscape.