Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

Enel Initiates Arbitration Against Waaree Energies Over Collapsed India Deal

Italian energy giant Enel SpA has moved to international arbitration against Waaree Energies, India’s leading solar PV module manufacturer, seeking compensation for alleged damages and loss of profits following the breakdown of a proposed acquisition.

The proceedings have been initiated at the International Chamber of Commerce’s International Court of Arbitration in London. The dispute stems from a Sale and Purchase Agreement signed on January 10, 2025, under which Waaree Energies had agreed to acquire 100% stake in Enel’s Indian renewable energy arm, Enel Green Power (EGP) India, for Rs 792 crore. The deal, however, did not materialize after Waaree withdrew from the transaction.

As of the time of reporting, Waaree Energies had not issued a response to queries regarding the development.

EGP India operates a renewable energy portfolio with a net installed capacity of around 640 MWAC, covering both solar and wind assets. In addition, it holds a development pipeline of approximately 2.5 GW across multiple states. At the time of announcing the acquisition in early 2025, Waaree had stated that the deal would help strengthen its presence as an independent power producer in the renewable energy space.

Meanwhile, shares of Waaree Energies closed at Rs 2,881.95 on the BSE, registering a gain of 3.28% on Tuesday.