Waaree Energies Limited, India’s largest solar photovoltaic (PV) module manufacturer, has announced the acquisition of Enel Green Power India Pvt Ltd (EGP India) for ₹792 crore. The deal, subject to standard alterations, is set to boost Waaree’s role as a leading Independent Power Producer (IPP).
EGP India’s Amazing Portfolio
EGP India’s portfolio includes 640 MWAC (760 MWDC) of solar and wind projects and a pipeline of 2.5 GW spread over different states. This acquisition marks a key turning point for Waaree, diversifying its renewable energy offerings and reinforcing its wind energy capabilities.
Dr. Hitesh Doshi, Chairman and Managing Director of Waaree Energies, highlighted the importance of this move.
“Our mission is to drive India’s green energy transition, and this acquisition is a big step in that direction. Integrating EGP India’s assets gives us a strong platform to expand our renewable energy portfolio and explore new opportunities,” he said.
The acquisition also aligns with Waaree’s recent successes, including winning a utility auction in Madhya Pradesh, further solidifying its position in the renewable energy space.
Pawan Kumar Agrawal, CEO of Waaree Group’s Renewable IPP Business, spoke about the operational benefits of the deal.
Strengthening Renewable Energy Solutions
“This acquisition strengthens our ability to develop and manage large-scale solar and wind projects. It positions us to lead India’s renewable energy transformation with sustainable and high-quality solutions,” he remarked.
The sale is part of Enel’s strategic shift. Stéphane Zweguintzow, Enel’s Head of Asia and Oceania, explained, “This transaction reflects our focus on optimizing our portfolio and prioritizing geographies with integrated energy markets.”
The deal is expected to diversify Waaree’s revenue streams and accelerate the growth of its IPP business. Ambit Private Limited, Sarthak Law, and TUV SUD provided strategic and technical support for the transaction.
A Step Towards Sustainability
As India continues its shift towards renewable energy, Waaree’s acquisition of EGP India represents a significant step forward in the country’s journey toward sustainability. With this acquisition, Waaree aims to take charge of providing clean and reliable energy solutions for the future.
