From pv magazine India
Waaree Energies has issued a clarification on media reports that its planned acquisition of Enel Green Power India is collapsing. In a regulatory filing, the company said some commercial terms of the agreement remain under review and discussions are ongoing. Waaree said it will make disclosures in line with Regulation 30 of the Securities and Exchange Board of India’s listing rules.
As disclosed earlier, Waaree signed a definitive share purchase agreement on Jan. 10, 2025, with Enel Green Power Development S.r.l. to acquire 100% equity in Enel Green Power India Private Ltd. The acquisition was valued at INR 7.92 billion ($95 million), subject to customary closing adjustments.
Enel Green Power India, the India unit of Italy’s Enel Group, operates a renewable energy platform with net capacity of about 640 MW AC (760 MW DC) in solar and wind. This includes projects with a partner where the majority equity is held by Enel Green Power India. The company also has a development pipeline of about 2.5 GW across several Indian states.
Waaree said the acquisition would expand its development pipeline, building on recent wins including a utility auction in Madhya Pradesh. It would diversify revenue, strengthen execution of wind projects, and accelerate growth of Waaree’s renewable energy development business as a private producer.
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