Waaree Energies has signed a share purchase agreement with Enel Green Power Development for the acquisition of 100% of the share capital of Enel Green Power India (EGPIPL).

The transaction is set for up to Rs7.9bn ($91.87m), while the acquisition cost is subject to closing adjustments, as reported by the Business Standard.

The transaction is subject to standard regulatory approvals, including from lenders, and is anticipated to close within three months, provided all conditions outlined in the definitive agreements are met.

The strategic move is expected to bolster Waaree's position in the renewable energy sector.

EGPIPL is owned by Enel Green Power Development, one of Europe's largest renewable energy companies. EGPIPL operates a diverse portfolio of solar and wind energy projects across India.

The acquisition portfolio comprises 640MWAC [megawatts alternating current]/760MWDC [megawatts direct current] of operational capacity, along with a range of additional projects currently under development.

EGPIPL’s operational projects also include those in joint ventures, where the company retains the majority equity stake, further strengthening its control and influence over the assets.

The acquisition is anticipated to diversify Waaree Energies’ revenue streams, enhance execution capabilities for wind projects, and facilitate expedited growth of Waaree's independent power producer (IPP) business.

Waaree Energies is one of the largest solar PV [photovoltaic] module manufacturers in India with an aggregate 12GW installed capacity.

The company focuses on manufacturing solar photovoltaic modules, developing solar projects, and generating and selling electricity.

It operates five manufacturing facilities in India, covering an area of 143.01 acres. It has locations in Surat, Tumb, and in Nandigram and Chikhli, Gujarat, along with the IndoSolar Facility in Noida, Uttar Pradesh.