Waaree Energies Limited, India’s largest maker of solar PV modules with 13.3 GW of installed capacity, has reached a definitive deal to purchase 100% of Enel Green Power India Pvt Ltd from Enel Green Power Development S.R.L for Rs 792 crore. The transaction is subject to usual closing adjustments, the business said in a statement on Saturday.
Waaree Energies Acquisition Deal
The company said in an exchange filing today that Waaree Energies has signed a share purchase agreement with Enel Green Power Development S.r.l. to acquire all of the shares of Enel Green Power India Private Limited (EGPIPL) for a maximum of Rs 792 crore, subject to expected closing adjustments.
One of the biggest renewable energy businesses in Europe is the seller, and its Indian subsidiary is called EGPIPL. Following the acquisition, Waaree Energies will acquire EGPIPL as a subsidiary.
Waaree Energies share price
The solar and wind projects owned by EGPIPL in India total about 640 MWAC and 760 MWDC, both active and in development. Projects that are jointly owned with a partner and in which EGPIPL has the majority of the stock are included in the operational portfolio, the business stated.
It is anticipated that the acquisition transaction would be finished in three months.
Waaree Energies share price history
Data from Trendlyne shows that over the past three months, Waaree Energies’ stock has increased 70.7% while the Nifty has experienced a 6.2% decline. In the past month, Waaree Energies’ stock has, however, fallen by almost 18.2%. The shares of Waaree Energies ended Friday’s trading session on the NSE 1.5% lower at Rs 2,561.
About the Company – Waaree Energies
An Indian company called Waaree Energies Ltd. manufactures solar photovoltaic (PV) modules, installs solar-related projects, and sells electricity from its operations. The company is divided into three segments: Engineering, Procurement, and Construction (EPC), Power Generation, and Solar Power Products. The company can operate 12 gigawatts (GW) of solar PV modules, including flexible, polycrystalline, Bifacial, BIPV, and mono PERC modules.
