Mumbai, 11 January, 2025: Wari Energies Limited, India's largest manufacturer of solar PV modules with an installed capacity of 13.3 GW, has acquired Enel Green Power Development S.R.L. has signed a definitive agreement to acquire 100 per cent stake in Enel Green Power India Private Limited (EGP India) from The present value of this acquisition is Rs. 792 crore, subject to closing adjustments.
EPG India operates renewable platforms with a total capacity of approximately 640 MWAC (760 MWDC), including solar and wind projects (including jointly owned projects with partners, including majority stake with EGP India) and approximately 2.5 GW of projects in various states of India. has a pipeline.
With this acquisition, Wari ranks among the country's leading renewable energy independent power producers (IPPs) and expands its project development pipeline based on recent successes including winning utility auctions in Madhya Pradesh.
The acquisition will diversify revenue streams, increase execution capabilities for wind projects and accelerate the growth of Wari's IPP business. Ambit Private Limited provided strategic financial advice for the transaction and legal advisor was Sarthak Law, while TUV SUD was the technical consultant.
Wari Energies Limited Chairman and Managing Director Dr. Hitesh Doshi said that “Our mission is green energy transition and this acquisition is an important milestone in our overall growth strategy. Consolidating EGP India's portfolio, we have a strong runway for further business opportunities. We are excited about the capabilities of this acquisition, which increases our stakeholdersU provides value and is seen as another important step towards the global energy transition.“
Pawan Kumar Agrawal, CEO of Wari Group's Renewable IPP business said that “The acquisition of the EGP India portfolio will give Wari Group's renewable IPP business a strong start and development of solar and wind energy projects., will enhance the group's capabilities in operations and management.. We are excited about this acquisition as it will strengthen our role in the Indian renewable energy sector., Along with delivering high quality solar and wind projects, clean and sustainable energy solutions like FDRE and RTC can be delivered..”
anelStefan Zweigintzoe, head of Asia and Oceania said, “The deal furthers the group's international presence and optimization of asset portfolio as per Enel's strategic plan. It includes asset rotation and capital allocation strategies focusing on offering key geographies with a unified energy market presence.”
Completion of this acquisition is subject to certain customary conditions. Wari Energies promotes leadership in renewable energy and promotes innovation for a sustainable planet. This acquisition underscores its dedication to future generations and its commitment to the renewable energy landscape.
