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Waaree-Enel Green Power India Deal Faces Collapse

Waaree Energies’ proposed acquisition of Enel Green Power India is on the verge of falling apart due to disagreements over unmet conditions in the deal. Both sides are now in discussions over breaking up the agreement, but the talks are reported to be far from friendly.

In January, Waaree Energies had announced plans to acquire 100% of Enel Green Power India for Rs792 crore in cash, also agreeing to take on the company’s debt. This pushed the deal’s enterprise value close to Rs3,500 crore. Waaree, India’s largest solar module manufacturer with 13.3 GW capacity and a market capitalization of Rs85,000 crore, saw this acquisition as a way to diversify revenue, strengthen its wind energy execution capabilities, and expand its independent power producer (IPP) business.

Enel, headquartered in Rome, is the world’s largest private renewable operator by installed capacity. The company decided last year to exit India as part of a global strategy to cut debt and streamline operations, similar to moves by other European energy giants. Enel Green Power India currently operates 640 MW of renewable capacity, including solar and wind, and has a project pipeline of 2.5 GW.

This exit trend is not unique—Statkraft, Fortum, and Zelestra are also reducing or selling their India renewable businesses.