From pv magazine India
Waaree Renewable Technologies said its board of directors has approved a binding term sheet to acquire around 55% of Associated Power Structures through a mix of primary and secondary investment. The transaction values the stake at INR 12.25 billion and remains subject to completion of due diligence and customary closing conditions.
Founded in 1996, Associated Power Structures operates in power transmission and distribution infrastructure, with projects across India and selected international markets. For the financial year ended March 31, 2025, the company reported total income of INR 12.27 billion and a net worth of INR 3.40 billion. Following completion of the transaction, Associated Power Structures will become a subsidiary of Waaree Renewable Technologies.
Waaree Renewable Technologies said the acquisition expands its operational footprint beyond renewable power generation into transmission and distribution infrastructure, which underpins the deployment of large-scale renewable energy projects.
“This acquisition is a decisive step forward in Waaree’s journey towards becoming a fully integrated energy transition company,” said Manmohan Sharma, chief financial officer of Waaree Renewable Technologies. He said the addition of transmission and distribution capabilities would support project execution as renewable capacity expands in India and other markets.
The company said the transaction aligns with its longer-term strategy to build an integrated platform spanning renewable generation, engineering, procurement and construction (EPC), energy efficiency, and enabling infrastructure. Waaree added that in-house transmission and distribution capabilities are expected to support execution certainty and project delivery across utility-scale renewable developments.
Completion of the acquisition is targeted for April 30, 2026, subject to fulfilment of agreed conditions. Singhi Advisors acted as exclusive strategic and financial adviser to Waaree Renewable Technologies on the transaction.
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