Use UNICORN Signals App By EquityPandit
MARKETS

Waaree Energies shares Surge 3% on Plans to Acquire Enel Green Power

Waaree Energies IPO GMP Today
Waaree Energies sees this acquisition as an opportunity to expand its revenue streams.

Shares of Waaree Energies Ltd surged as much as 3% on 13 January after the firm announced its plans to purchase Enel Green Power India Private Ltd (EGPIPL) for up to Rs 792 crore, subject to customary adjustments. 

The company announced signing a share purchase agreement with Enel Green Power Development on Friday, 10 January, marking its entry into renewable energy space. 

EGPIPL will become a subsidiary of Waaree Energies after the transaction. The company that purchased solar and wind power in India owns and operates about 640 MWAC (760 MWDC). This portfolio includes projects that EGPIPL owns the majority stake in and co-owns with partners.

Waaree Energies sees this acquisition as an opportunity to expand its revenue streams, strengthen its position in the renewable energy sector, and enhance its ability to carry out wind energy projects. Enel Green Power, a well-known European supplier of renewable energy, has made a substantial impact in India through EGPIPL.

The purchase is expected to be finished in three months, subject to regulatory approvals, including a lender agreement. Waaree Energies also intends to strengthen the growth of its independent power producer (IPP) sector with this acquisition.

Five production sites are currently operated by Waaree Energies in India: Surat, Tumb, Nandigram, and Chikhli in Gujarat; and IndoSolar in Noida, Uttar Pradesh.

However, at 11:27 am, the shares of Waaree Energies shed all their early gains and were trading 0.39% lower at Rs 2,554.90 on NSE. 

Discover the next big investment! Unicorn Signals’ IPO screener helps you identify promising initial public offerings. Download Unicorn Signals and get ahead of the curve! Sign Up Now & Find Your Next IPO Gem!

Get Daily Prediction & Stocks Tips On Your Mobile


Latest
IPO
Weekly
Outlook

Stock
Market
Prediction