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Waaree Energies Limited, through its wholly-owned subsidiary Waaree Forever Energies Private Limited (WFEPL), has announced the execution of a Share Purchase Agreement to acquire a 100 percent stake in Sunbreeze Ninth Cloud Private Limited on tuesday, Nov 4, subject to conditions. The acquisition, disclosed to the stock exchanges on Tuesday November 4. The transaction is expected to complete by November 30, 2025.
Waaree's Recent Acquisition Spree
This acquisition follows Waaree Energies' recent string of acquisitions that have focused on covering more and more aspects of the solar supply chain. From transformers to battery storage besides a 76% stake in smart meter manufacturing firm Racemosa Energy. The firm also acquired the plant and equipment of Meyer Burger's solar manufacturing plant in the US recently, to expand its US capacity to 4 GW soon. However, the firm's largest deal with ENEL for its assets in India, worth about Rs 3500 crore, ran into some trouble , and the firm has mentioned that discussions are ongoing with ENEL to close the said deal soon.
The firm recently announced a very strong strong of Q2 results, which gives it enough leeway to look at inorganic growth opprtunities. CEO Amit Paithankar has made no secret of the firm's plans to cover the complete solar value chain in time. Waaree is on course for total module capacity of 26.7 GW by FY 26 end, besides cell capacity of 15.4 GW by Fy 27. It also has a plan to reach 10 GW of ingots and wafers capacity by Fy 28.
Sunbreeze Ninth Cloud Private Limited
Sunbreeze Ninth Cloud Private Limited (SNCPL) is a New Delhi-based firm that commenced operations in 2024. With an authorised capital of Rs 2 million and a paid-up capital of Rs 0.1 million, according to the Ministry of Corporate Affairs records. The company is governed by three directors: Prathmesh Mairal, Hardesh Jain, and Rushabh Chordiya. The firm has a 50 MW project which is the subject of Waaree's Interest in this case, according to industry insiders. The firm is a subsidiary of Sunbreeze Renewables, which is into development of renewable projects across India.