Indian solar module manufacturer Waaree Energies has entered in a share purchase agreement with Italian renewables company Enel Green Power Development for the acquisition of its Indian subsidiary.
The acquisition would be for all the share capital of Enel Green Power India for a total of up to INR7.92 billion (US$91 million), subject to customary closing adjustments.
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With the acquisition, Waaree Energies would add 640MW of both of operational and under development solar PV and wind projects to its Indian portfolio.
Waaree said it intends to diversify its revenue streams with the acquisition of Enel Green Power India and grow the company’s independent power producer (IPP) business.
The transaction is expected to be completed within three months, subject to fulfilment of conditions.
