Waree Renewable raises Rs.1,255-Cr from HSBC to fund acquisition of Associated Power Structures

HSBC India has financed the acquisition of a 55% stake in Vadodara-based Engineering, Procurement, and Construction (EPC) company Associated Power Structures Pvt Ltd (APSPL) by Mumbai-based, publicly listed Waaree Renewable Technologies for INR 1,255 crore. The transaction was completed through a combination of debt from HSBC and equity contributed by the company. It was facilitated by HSBC ahead of the official July 1 effective date for the Reserve Bank of India’s revised acquisition-financing norms.Founded in 1996, APSPL specializes in manufacturing and building galvanised steel structures, including electric transmission towers, telecommunication towers, windmill towers, and substation structures.Founded in 2011, Waaree Renewable Technologies specializes in the design, development, financing, and construction of utility-scale ground-mounted, rooftop, and floating solar projects.