Waaree Energies has agreed to acquire Enel Green Power India (EGPIPL) from Enel Green Power Development S.r.l. The acquisition cost is up to ₹792 crore, subject to final adjustments. This move marks a step in Waaree’s efforts to strengthen its renewable energy portfolio.
EGPIPL currently manages solar and wind projects with an operational capacity of 640 MWAC / 760 MWDC. These include projects where EGPIPL holds the majority equity stake. Additionally, the company has renewable energy projects under development, which will now come under Waaree’s scope.
The acquisition will help Waaree diversify its energy portfolio by entering the wind energy segment. It will also contribute to the growth of Waaree’s Independent Power Producer (IPP) business, enabling the company to enhance its project execution capabilities in the renewable energy space.
The completion of the acquisition is subject to certain conditions, including lender approvals and fulfillment of the agreement terms. The process is expected to be finalized within three months.
Waaree Energies is known for its solar PV module manufacturing business, operating five factories across India with a combined installed capacity of 12 GW. Its manufacturing facilities are located in Gujarat and Uttar Pradesh, covering over 143 acres. The company is also engaged in solar project development and electricity sales.
In the second quarter of FY25, Waaree reported a net profit of ₹361.65 crore, a YoY increase of 14.77%. Revenue from operations rose slightly to ₹3,574.38 crore during the same period. The solar business is projected to grow at a compound annual growth rate (CAGR) of 20% from FY24 to FY30 for solar business.
Waaree’s profit after tax (PAT) for FY25 is estimated at ₹1,618 crore and is expected to exceed ₹5,000 crore in the next two years. The company anticipates continued growth in profitability until FY27.
