Mergers Alliance | Waaree Renewable Technologies Limited

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Deal Type

Acquisition

Sector

Energy & Sustainability

Completion Date

26th January 2026

Deal Value

$133m

Company Background

Waaree Renewable Technologies Limited (WRTL), part of USD 10 Bn Waaree Group, is a leading player in India’s renewable energy ecosystem.
Waaree, Mumbai-based renewable energy transition major, is India's largest manufacturer and exporter of solar modules, with a ~20% share in the domestic market and 40%+ share in India’s solar module exports & having six module manufacturing facilities across India and one in Texas, USA, with an aggregate installed module manufacturing capacity of 22.3 GW and solar cell manufacturing capacity of 5.4 GW.

Deal Summary

Waaree acquires strategic stake in Associated Power Structures ltd for ~USD 133 Mn.
Associated Power Structures Limited is a well-established company in the power transmission and distribution infrastructure space.
This acquisition represents a strategic milestone in Waaree’s transformation into an integrated energy transition company, strengthening its capabilities beyond generation into critical grid and transmission infrastructure—a key enabler of large-scale renewable energy adoption.