Waaree Energies acquires Enel Green Power’s Indian unit for INR 792 crores

The deal covers solar and wind projects.

Waaree Energies has signed a deal with Enel Green Power Development for acquisition of 100% of the share capital of Enel Green Power India Private Limited (EGPIPL) for INR 792 crores.

In a bourse filing, Waaree said EGPIPL owns around 640 megawatts (AC) of operating solar and wind projects in India. The operational projects include those jointly owned with a partner where majority equity stake is with EGPIPL.

“The acquisition will diversify revenue streams, enhance execution capabilities for wind projects, and facilitate expedited growth of Waaree’s IPP [independent power producer] business,” Waaree said.

The company said the indicative time period for completion of the acquisition is 3 months, subject to fulfilment of conditions precedent as set out in the definitive agreements.