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 (EGP) India from Enel Green Power Development S.R.L. The value of acquisition currently stands at Rs 792 Cr, subject to customary closing adjustments, the company said in a press statement. 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. 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," said Hitesh Doshi, Chairman & Managing Director, Waaree Energies Limited.The company said 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. Also, 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.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, the company said.
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