Waaree Energies Ltd. entered into a share purchase agreement with Enel Green Power Development Srl on Friday to acquire the Indian business unit of one of Europe's largest renewable energy companies, according to an exchange filing.
Waaree Energies will acquire 100% of the share capital of Enel Green Power India Pvt. for Rs 792 crore, subject to customary closing adjustments. After the acquisition, EGPIPL will become a Waaree Energies subsidiary, it said.
The acquisition will diversify Waaree's revenue streams, enhance execution capabilities for wind projects and facilitate expedited growth of its independent power producer business, the filing stated.
EGPIPL, which spans solar and wind projects in India, includes approximately 640 MWAC or 760 MWDC of operational capacity. Its operational portfolio includes projects jointly owned with a partner where EGPIPL is majority equity stake holder.
As the target company generates power using renewable sources of energy, Waaree will benefit from its purchase, it said.
Waaree estimated the acquisition to be completed in three months, subject to customary approvals including those from the lenders. The acquisition is also "subject to fulfilment of conditions precedent as set out in the definitive agreements".
EGPIPL's turnover from operations in FY24, FY23 and FY22 were Rs 112 crore, Rs 266 crore and Rs 129 crore respectively. However, these figures for the previous three fiscals exclude revenue of jointly owned projects from the time of entry of EGPIPL's partner.
Shares of Waaree Energies closed 1.26% lower at Rs 2,566.40 apiece on the BSE, compared to a 0.31% decline in the benchmark Sensex. The company had intimated about the development after market hours on Friday.
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