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“Deals May Falter, But India’s Renewable Future Shines Bright.”

Waaree–Enel Green Power Deal Nears Collapse Amid Standoff on Conditions.                                                                                                                                   

The planned acquisition of Enel Green Power India by Waaree Energies is on the brink of collapse due to disputes over unmet conditions in their January 2025 agreement. Waaree, India’s largest solar module manufacturer with a 13.3 GW capacity and market cap of ₹85,000 crore, had agreed to acquire Enel Green Power India for ₹792 crore in cash, valuing the deal at nearly ₹3,500 crore including debt. However, tense negotiations over the breakup are underway, with neither side commenting publicly. Enel, headquartered in Rome and the world’s largest private renewable operator, is exiting India as part of its global deleveraging strategy, joining peers like Statkraft, Fortum, and Zelestra in scaling back Indian operations. Enel Green Power India operates 640 MW of renewable capacity and has a pipeline of 2.5 GW projects. Despite this setback, India’s renewable sector continues to attract strong investor interest, recording $4 billion in FDI inflows in 2024.