Waaree Energies Share Price Rises 4%, Ending a 4-Session Losing Streak

Waaree Energies’ share price rose by 4.91% to ₹2,609.25 at 12:25 PM on the NSE. The stock opened at ₹2,520, up from its previous close of ₹2,487.20. However, the stock had experienced a 7.81% decline between January 8 and January 13, 2025.

What is Driving the Stock Price Rally?

On January 10, 2025, Waaree Energies Limited announced a significant move to expand its renewable energy footprint by entering into a Share Purchase Agreement (SPA) with Enel Green Power Development S.r.l.

The agreement, valued at up to ₹792 crore, is aimed at acquiring 100% of the shares of Enel Green Power India Private Limited (EGPIPL), the Indian arm of one of Europe’s largest renewable energy companies.

Strategic Goals and Impact

The acquisition is a strategic move to diversify Waaree Energies’ revenue streams and significantly enhance its capability to execute large-scale wind energy projects. It will also help accelerate the growth of the company’s Independent Power Producer (IPP) business.

Waaree Energies has made it clear that the focus is on expanding and optimising its renewable energy capabilities, especially in the wind sector.

The transaction is set to close within the next three months, subject to the fulfilment of the customary conditions precedent, including necessary approvals from lenders.

As per the deal, Waaree Energies will pay a cash consideration, with the final amount dependent on customary closing adjustments.

EGPIPL’s Background 

EGPIPL, with its robust operational portfolio, brings a proven track record in India’s renewable energy market. Over the past few years, the company has posted revenue from operations of ₹112 crore in FY24, ₹266 crore in FY23, and ₹129 crore in FY22.

Notably, the turnover for the previous years excludes revenue from joint ventures with partners. With its strong presence in solar and wind energy, EGPIPL is poised to contribute significantly to Waaree’s growth strategy in the renewable energy sector.

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