In a bourse filing, Waaree said EGPIPL owns around 640 megawatts (AC) of operating solar and wind projects in India. The operational projects include those jointly owned with a partner where majority equity stake is with EGPIPL.
“The acquisition will diversify revenue streams, enhance execution capabilities for wind projects, and facilitate expedited growth of Waaree’s IPP [independent power producer] business,” Waaree said.
The company said the indicative time period for completion of the acquisition is 3 months, subject to fulfilment of conditions precedent as set out in the definitive agreements.
