Waaree Energies says it is reviewing Enel Green Power acquisition

Waaree Energies is reviewing commercial terms of its acquisition of Enel Green Power India, it said in a stock exchange disclosure.

ET had reported on Tuesday that Waaree Energies acquisition of Enel Green Power India was on the verge of collapse due to unfulfilled conditions.

Rome-headquartered Enel, the world’s largest private operator of renewable energy assets by installed capacity, had reached agreement to sell its India business to Waaree for a cash consideration of Rs. 792 crore on 11 January. Including the renewable power producer’s debt that Waaree Energies agreed to absorb, the enterprise value of the deal was nearly Rs 3,500 crore, as per the people.


The two sides are currently discussing break up terms as the deal conditions were unmet, ET had reported.

“Waaree Energies Limited (“the Company”) has entered into a Share Purchase Agreement (SPA) with Enel Green Power Development S.r.l (“Seller”) on January 10, 2025, for acquisition of 100% of the share capital of Enel Green Power India Private Limited (“Target” or “EGPIPL”).

The SPA was subject to customary commercial terms, timelines and conditions precedent. Certain commercial terms of the agreement are under review and the Company is in discussions for the same,’ Waaree Energies said in a statement.

Enel Green Power India operates a renewable energy platform with a net capacity of about 640 megawatts, consisting of solar and wind projects, including majority-owned projects with a partner. It has a project pipeline of around 2.5 gigawatts in India.

Waaree is India’s largest manufacturer of solar photovoltaic modules with an installed capacity of 13.3 gigawatts. In its January 11 deal announcement, Waaree stated that the acquisition would help diversify its revenue streams, enhance execution capabilities for wind projects and expedite growth of its independent power producer business.