Waaree Energies has signed a definitive agreement to acquire 100% of Enel Green Power India (EGP India) from Enel Green Power Development S.R.L. for INR 7.92 billion ($91.7 million), subject to closing adjustments.

EGP India, part of Italy’s Enel Group, operates a 640 MW (AC) renewable energy platform, including solar and wind projects, and has a 2.5 GW project pipeline across India. The deal expands Waaree’s project development pipeline, strengthens its wind project capabilities, and accelerates its renewable energy business growth.

Ambit provided financial advice for the transaction, Sarthak Law served as legal counsel, and TUV SUD acted as technical consultant.

“This acquisition marks a significant milestone in our overall growth strategy,” said Hitesh Doshi, chairman and managing director of Waaree Energies.

CEO Pawan Kumar Agrawal added that integrating EGP India’s portfolio will give Waaree’s renewables business a strong head start.

“According to Enel’s Strategic Plan, this deal furthers the optimization of the Group’s international footprint and asset portfolio with an asset rotation and capital allocation strategy focused on core geographies with an integrated energy market presence,” said Stéphane Zweguintzow, Enel’s head of Asia and Oceania.

Waaree, headquartered in Mumbai, operates 13.3 GW of PV manufacturing capacity, including 1.3 GW from Indosolar. Completion of the acquisition will be subject to customary conditions.