Waaree Renewable Tech Pursues Acquisition of Enel Green Power India

Waaree Renewable Technologies, the listed arm of IPO-bound Waaree Energies, is pursuing the acquisition of Enel Green Power India for an estimated $300-350 million. Enel’s Indian unit has a renewable energy portfolio of 760 MWp, which includes 420 MW of solar and 340 MW of wind assets, along with a 2 GW project pipeline and 190 MW of power purchase agreements.

This potential acquisition could enable Waaree to establish an independent power-producing platform (IPPP), enhancing its presence in the solar EPC sector. With a robust clientele that includes L&T, Adani Group, and Aditya Birla Group, Waaree aims to diversify its business through this strategic move.

As Waaree Energies prepares for its IPO, planning to raise ₹3,000 crore through a fresh share issue and an offer for sale, the acquisition would significantly expand Waaree’s footprint in India’s renewable energy landscape, amid potential competition from JSW Energy.