Solar module manufacturer Waaree Energies has entered into a share purchase agreement with Enel Green Power Development to acquire 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million).

Enel Green Power India owns a solar and wind projects portfolio totaling 640 MWac (760 MWdc), including operational and projects under development in the country. The operational portfolio includes projects jointly owned with a partner where the majority equity stake is with Enel Green Power India.

The acquisition aims to diversify revenue streams, enhance execution capabilities for wind projects, and facilitate expedited growth of Waaree’s independent power producer business.

The acquisition is expected to be completed in three months, subject to the fulfillment of conditions precedent set out in the definitive agreements.

Enel Green Power India’s turnover from operations for the financial year (FY) 2024 stood at ₹1.12 billion (~$12.97 million), as against ₹2.66 billion (~$30.81 million) in FY23 and ₹1.29 billion (~$14.94 million) in FY22. The turnover excludes revenue from jointly owned projects from the time of the partner’s entry, ₹340 million (~$3.93 million) in FY23 and ₹2.71 billion (~$31.38 million) in FY24.

Waaree Energies’ ₹43.21 billion (~$513.95 million) initial public offering garnered strong investor interest from institutional and retail buyers. At the end of the bidding window on October 23, 2024, the issue was oversubscribed 76 times. Priced between ₹1,865 (~$22.18) and ₹1,960 (~$23.31) per share with a lot size of seven shares, the IPO saw bids for 1.6 billion shares, significantly exceeding the 21.08 million shares on offer.

In July 2023, Enel sold a 416 MW portfolio of solar photovoltaic power projects in Chile to Sonnedix, a renewable energy producer, for $550 million. The portfolio included the following solar projects: Diego de Almagro (36 MW), Carrera Pinto (97 MW), Pampa Solar Norte (79 MW), and Domeyko (204 MW). Together, these projects generate an estimated net energy of 1 TWh/year.