M&A

M&A

Solar PV cells maker Waaree Energies acquires EGP India for Rs.792-Cr

BSE Announcement   Economic Times   Enel Green Power  

Waaree Energies Ltd, a publicly listed, Mumbai-based manufacturer of solar photovoltaic (PV) modules with an installed capacity of 13.3 GW, is to acquire 100% of Gurugram-headquartered Enel Green Power (EGP) India from Enel Green Power Development S.R.L for INR 792 crore.Enel Green Power manages more than 1,300 power plants on five continents. The India arm, EGP India, operates a renewable energy platform with a net capacity of about 640 MWAC (760 MWDC), consisting of solar and wind projects (including projects jointly owned with a partner where majority equity stake is with EGP India), and has a project pipeline of around 2.5 GW across various states.Ambit was the financial adviser for the transaction. Sarthak Law was the legal counsel, while TUV SUD was the technical consultant.