Waaree Energies Ltd has issued a clarification regarding recent media reports suggesting that its deal for acquisition of Enel Green Power India is on the verge of collapse. In a regulatory statement, the company stated that certain commercial terms of the agreement are under review and the company is in discussions for the same. Waaree said the company will make necessary disclosures at the appropriate time in accordance with Regulation 30 of the SEBI Listing Regulations.
As previously disclosed, Waaree Energies had signed a definitive share purchase agreement (SPA) on January 10, 2025, with Enel Green Power Development S.r.l., to acquire 100% equity in Enel Green Power India Private Limited (EGP India). The consideration of the acquisition at the time stood at INR 792 crore, subject to customary closing adjustments.
Enel Green Power India, the India arm of Italy’s Enel Group, operates a renewable energy platform with net capacity of around 640 MW AC (760 MW DC), comprising solar and wind assets— 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.
Waaree’s planned acquisition expands its project development pipeline, building on recent successes, including a utility auction win in Madhya Pradesh. It will diversify revenue streams, enhance execution capabilities for wind projects, and expedite growth of Waaree’s RE project development business as a private-sector producer.
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