On January 10, Waaree Energies Limited announced the signing of a Share Purchase Agreement with Enel Green Power Development S.r.l. for the acquisition of 100% of the share capital of Enel Green Power India Private Limited (EGPIPL). The total acquisition cost is up to INR 792 Crores, subject to customary closing adjustments. Enel, based in Italy, is one of Europe’s largest renewable energy companies, and EGPIPL is its Indian subsidiary. EGPIPL owns a portfolio of solar and wind projects in India, totaling approximately 640 MWAC / 760 MWDC of operational capacity, along with projects under development.
Waaree Energies Overview
Waaree is recognized as India’s largest solar module manufacturer, and this acquisition positions the company to expand its footprint in the renewable energy sector significantly.
JSW Neo Energy Acquisition
On the same day, JSW Neo Energy, a wholly-owned subsidiary of JSW Energy Limited, completed the acquisition of 125 MW of renewable energy assets from Hetero Labs Limited and Hetero Drugs Limited, housed under three special purpose vehicles (SPVs). The 125 MW portfolio includes wind projects located in Andhra Pradesh and Maharashtra, backed by long-term power purchase agreements. This portfolio features a blended tariff of ₹5.22/KWh and an average remaining plant life of approximately 15 years.
JSW Energy’s Operational Capacity
Following this acquisition, JSW Energy’s total locked-in capacity stands at 24.7 GW, comprising a diverse fuel mix and various offtakers. The company’s current operational portfolio includes 7,864 MW, divided as follows:
- Thermal: 3,508 MW
- Wind: 2,290 MW
- Hydel: 1,391 MW
- Solar: 675 MW
JSW Energy is actively constructing multiple power projects totaling 8.3 GW, aiming for a total generation capacity of 20 GW by 2030, with a significant emphasis on renewable energy sources.
Conclusion
While the transaction values of Waaree and JSW may be similar, the capacity acquired varies significantly due to the different solar and wind mixes involved. Questions may arise regarding Waaree Energies’ decision not to utilize its group firm, Waaree Renewable Technologies Limited, which possesses a small IPP portfolio and experience in O&M.
