Waaree Energies has received a request for arbitration from Enel Green Power Development over a dispute arising from a share purchase agreement in 2025, under which Waaree had agreed to acquire the entire share capital of Enel Green Power India.

The arbitration has been filed with the International Court of Arbitration of the International Chamber of Commerce (ICC), London.

Enel Green Power Development has alleged that Waaree breached the terms of the share purchase agreement and is seeking damages and compensation for alleged losses and loss of profits resulting from these breaches.

Last January, Waaree Energies entered into a share purchase agreement with Enel Green to acquire 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million). The acquisition aimed to diversify revenue streams, enhance execution capabilities for wind projects, and facilitate the expedited growth of Waaree’s independent power producer business.

Waaree has strongly denied the allegations and stated that it will contest the claims during the arbitration proceedings. It noted that at this stage, the financial implications remain uncertain, as the outcome of the arbitration is yet to be determined. Any potential liability will depend on the final award and related proceedings.

While the arbitration notice includes monetary claims, the exact quantum has not been disclosed. Waaree is currently evaluating these claims and may file an appropriate response, including potential counterclaims, before the ICC.

Italy-based Enel Group has a total energy generation capacity of 92.9 GW and 1.8 million kilometers of distribution lines worldwide.

Recently, Waare Energies inaugurated a 10 GW integrated solar ingot and wafer manufacturing facility in Nagpur, Maharashtra. The facility, with an investment of approximately ₹62 billion (~$671.60 million), will house 10 GW capacity each for solar ingots and wafers.

Last December, Waaree Energies’ subsidiary, Waaree Solar Americas, announced that it would buy 53,68,551 Series B shares of polysilicon manufacturer United Solar Holding for $30 million.