Waaree Renewable Tech Targets Enel's Renewable Energy Business in India

Waaree Renewable Tech Targets Enel's Renewable Energy Business in India

30 Sep, 2024

 Waaree Renewable Tech Targets Enel's Renewable Energy Business in India

IPO-bound Waaree Energies' listed arm, Waaree Renewable Tech, is reportedly looking to acquire Enel Green Power India for an estimated $300-350 million. Enel's India division has a diverse portfolio that includes 760 megawatts peak (MWp) of operational wind and solar power assets, comprising 420 MW of solar projects, 340 MW of wind projects, a 2 gigawatts (GW) development pipeline, and 190 MW of power purchase agreements. 

This potential acquisition is seen as a strategic move for Waaree, enabling the establishment of an independent power-producing platform (IPPP). Waaree Renewable Tech has a solid foundation in the solar EPC (Engineering, Procurement, and Construction) sector, working with notable industry giants such as L&T, Adani Group, and Aditya Birla Group. Acquiring Enel's assets would significantly enhance Waaree's presence in India’s renewable energy landscape.

In addition, Waaree Energies is preparing for an IPO, aiming to raise ₹3,000 crore through a combination of fresh share issues and an offer for sale (OFS). This fundraising effort will provide essential capital for the company’s expansion plans. With JSW Energy also eyeing Enel’s India operations, competition in the bidding process could intensify, potentially leading to a pivotal shift in the renewable energy sector.

 

 


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