(Alliance News) - Enel Spa has sold to Waaree Energies the entire package of renewable assets held in India through Enel Green Power India Private Limited - EGPIPL.
As Milano Finanza writes Tuesday, the transaction, with an enterprise value of more than EUR300 million and a net consideration for Enel of about EUR90 million, awaits approval from local authorities and is expected to close within three months. EGPIPL has a net installed capacity of 640 MW between solar and wind projects as well as a pipeline of 2.5 GW.
Waaree, India's leading solar panel manufacturer with 13.3 GW of capacity, will acquire EGPIPL to diversify revenue and accelerate growth.
For Enel, this divestment is not part of its debt-cutting divestment program but a portfolio optimization strategy in line with its focus on low-risk markets.
The transaction reflects a change in strategy from previous management, which focused on the Indian market for the government's ambitious renewable energy targets. Waaree rose 3.2 percent on the stock market after the announcement.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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