Waaree Energies share price rises over 2% on ₹792 crore deal to acquire Enel Green Power

In an exchange filing, the company said that the seller is one of the largest renewable energy firms in Europe, and the EGPIPL is its Indian business.

"Waaree Energies Limited has entered into a Share Purchase Agreement 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 for a total amount of upto ₹792 Crores, subject to customary closing adjustments," the firm said.

Waaree Energies share price

The stock as much as 2.45% to ₹2,627.95 per share on the National Stock Exchange (NSE) in the early trade. At 9:29 am, it was up 1.64% to ₹2,606.95 apiece.

The company's market capitalisation stands at ₹74,808.55 crore.

The EGPIPL owns solar and wind projects in India, including about 640 megawatts of alternating current (MWAC) (760 MWDC) operational and a portfolio under development.

The operational portfolio consists of projects co-owned with a partner, with EGPIPL holding the majority equity stake.

Following the acquisition of shares, EGPIPL will be a subsidiary of Waaree Energies.

"The acquisition will diversify revenue streams, enhance execution capabilities for wind projects, and facilitate expedited growth of Waaree's IPP business," the company said.

The deal is expected to be completed within three months. EGPIPL's turnover from operations for the financial year 2023-24 stood at ₹112 crore, as against ₹266 crore in FY23 and ₹129 crore in FY22.

The turnover excludes revenue from jointly owned projects from the time of the partner's entry, ₹34 crore in FY23 and ₹271 crore in FY24.