Details of the Acquisition
Under the deal structure, Waaree Renewable Technologies will invest both primary and secondary capital to secure a controlling stake in the Vadodara-based Associated Power Structures. Nearly one-fourth of the total consideration will be infused as fresh capital into the company, while the remaining amount will be used to purchase shares from existing stakeholders.
Associated Power Structures is a well-established EPC player in the power transmission space, offering end-to-end solutions including design, manufacturing, and execution of transmission towers and substations. The company has expertise in projects up to 800 kV high-voltage direct current (HVDC) lines and operates manufacturing facilities with a combined capacity of 108,000 metric tonnes per annum.
Strategic Push Into Grid Infrastructure
The acquisition significantly enhances Waaree Renewable’s EPC capabilities, which have so far been focused largely on solar power plant development. By entering the transmission and substation segment, the company aims to offer integrated solutions covering generation, evacuation, and grid connectivity.
This move comes soon after Waaree Energies Ltd, the parent company of Waaree Renewable Technologies, acquired a 64 per cent stake in transformer manufacturer Kotsons Pvt. Ltd. Together, these acquisitions underline the group’s intent to build a comprehensive clean energy and power infrastructure ecosystem.
Part of a Broader Expansion Strategy
Over the past few years, Waaree Group has pursued an aggressive expansion strategy, backed by strong cash flows from its solar manufacturing business. The group currently operates around 22.8 gigawatts of annual solar module manufacturing capacity and 5.4 GW of solar cell capacity.
These resources are now being deployed to diversify into adjacent sectors such as power transmission, distribution equipment, energy storage systems, inverters, transformers, batteries, and green hydrogen-related technologies. The group has indicated planned capital expenditure of nearly ₹25,000 crore over the coming years to support this diversification.
Market Reaction and Outlook
Shares of Waaree Renewable Technologies closed lower following the announcement, reflecting broader market volatility rather than deal-specific concerns. Analysts note that while the near-term impact on earnings may be limited, the long-term strategic value of the acquisition is significant.
As India accelerates investments in renewable energy and grid modernisation, companies with integrated capabilities across generation and transmission are expected to be better positioned to capture large-scale EPC opportunities.
With this acquisition, Waaree Renewable Technologies signals its ambition to emerge as a key player not just in solar EPC, but across the wider power infrastructure landscape supporting India’s clean energy transition.
