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India Approves Acquisition of 640 MW from Enel Green Power by Waaree Energies for 95 Million USD

Waaree Energies finalizes the purchase of Enel Green Power India for 95 million USD, adding 640 MW of solar and wind projects to its portfolio. A strategic transaction for the country’s energy transition.

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Waaree Energies, a key player in the renewable energy sector in India, has signed an agreement to acquire Enel Green Power India Private Limited (EGPIPL). The transaction, valued at 95 million USD, includes a portfolio of 640 megawatts (MW) of operational solar and wind projects.

A Strategic Move in a Growing Market

This acquisition marks a significant milestone for Waaree Energies as it seeks to diversify its energy asset portfolio. The acquired portfolio includes projects where Enel Green Power India holds a majority stake, with some co-owned by local partners.

According to Waaree, this transaction will accelerate its development as an Independent Power Producer (IPP) while enhancing its capabilities in wind energy projects.

Context and Challenges for India’s Energy Transition

India has set an ambitious target of generating 500 GW of renewable energy by 2030. This type of transaction underscores the increasing demand for assets aligned with the nation’s renewable energy goals. For Waaree, the acquisition also strengthens its position in a market with growing demand for renewable energy, supported by political incentives and increasing financial backing.

Waaree specified that the acquisition is expected to be finalized within three months, subject to meeting the conditions outlined in the agreements with Enel Green Power Development.

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