New Delhi: Waaree Energies on Friday said it has inked a share purchase agreement to acquire entire equity stake in Enel Green Power India Pvt (EGPIPL) for a consideration of up to Rs 792 crore.
The seller is one of Europe’s largest renewable energy companies, and the EGPIPL is its Indian business, a regulatory filing stated.
Waaree Energies Ltd has entered into a Share Purchase Agreement (SPA) with Enel Green Power Development S.r.l (Seller) on January 10 to acquire 100 per cent of the share capital of EGPIPL for a total amount of upto Rs 792 crore, subject to customary closing adjustments, according to the filing.
The EGPIPL owns solar and wind projects in India which includes about 640 MWAC (760 MWDC) operational and portfolio under development.
The operational portfolio includes projects jointly owned with a partner where the majority equity stake is with EGPIPL.
Further, pursuant to the acquisition of shares, EGPIPL will become a subsidiary of Waaree Energies.
The acquisition will diversify revenue streams, enhance execution capabilities for wind projects, and facilitate expedited growth of Waaree’s its Independent Power Producer (IPP) business, it stated.
The completion of the deal is expected within a period of 3 months, subject to fulfilment of the conditions precedent as set out in the definitive agreements. The turnover from operations for FY24 stood at Rs 112 crore, compared to Rs 266 crore in FY23 and Rs 129 crore in FY22.
Turnover excludes revenue of jointly owned projects from time of entry of partner, Rs 34 crore and Rs 271 crore in FY23 and FY24, respectively.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)