New Delhi: Waaree Energies Limited, through its wholly-owned subsidiary Waaree Forever Energies Private Limited (WFEPL), announced on Tuesday that it has executed a Share Purchase Agreement to acquire a 100 percent stake in Sunbreeze Ninth Cloud Private Limited, subject to conditions. The acquisition, disclosed to the stock exchanges on Tuesday, is expected to complete by November 30, 2025, or such later date as agreed by the parties.
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According to the regulatory filing received, the transaction is not classified as a related party transaction, and neither Waaree's promoters, promoter group members, nor other group companies have any interest in the acquisition.
Sunbreeze Ninth Cloud Private Limited (SNCPL) is a newly incorporated Delhi-based private company established on June 14, 2024. The company operates in the transportation sector 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.
This acquisition follows Waaree Energies' broader strategy of diversifying beyond manufacturing into renewable energy generation and project development. In January 2025, the company completed a major acquisition of Enel Green Power India Private Limited (EGPIPL) for Rs 792 crore, which brought an operational portfolio of approximately 640 MWAC (760 MWDC) of combined solar and wind capacity.
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The Sunbreeze Ninth Cloud acquisition represents another step in Waaree's transformation from a primary focus on solar panel manufacturing to a more diversified renewable energy company operating as an Independent Power Producer (IPP). The company has demonstrated significant momentum since its IPO launch in October 2024, which was oversubscribed 76.34 times and priced at a 66.3 percent premium to its issue price of Rs 1,503 per share.
