Solar module manufacturer Waaree Energies has announced it will acquire transformer manufacturer Kamath Transformers and independent power producer (IPP) Green New Delhi Forever Energy at a cumulative cost of over ₹2.93 billion (~$34.25 million).

Waaree will acquire Kamath Transformers for ₹2.93 billion (~$34.25 million) and Green New Delhi Forever Energy for ₹100,000 (~$1,170). The ₹100,000 (~$1,170) investment will be at a face value of ₹10 (~$0.12) per share for 10,000 equity shares.

The Kamath Transformers transaction is part of Waaree Energies’ business expansion plans. The company is into power transformer manufacturing and was incorporated in May 1996. The company’s turnover for the financial year (FY) 2024 was ₹1.23 billion (~$14.36 million), a 125% increase from ₹544.1 million (~$6.37 million) in FY23.

With the rise in power projects, especially renewables, there is a massive demand for power transformers. India’s large-scale solar project pipeline by itself stands at 180.4 GW, with another 127.8 GW of projects tendered and pending auction at the end of Q1 2025.

Faced with the mounting demand, Mercom had earlier covered how some transformer manufacturers have expanded their production capacity or announced plans to meet the growing market requirements. Waaree’s strategic acquisition plans to capitalize on this thriving market.

The Green New Delhi Forever Energy acquisition aims to facilitate and hold specific power projects under the independent power producer (IPP) framework.

The acquisitions are likely to be completed in FY26.

Waaree Energies has a solar module manufacturing capacity of 13.3 GW and a cell manufacturing capacity of 5.4 GW. The company also has a 3 GW module manufacturing facility in the U.S., which will be operationalized in 2025.

In January, the company entered a share purchase agreement with Enel Green Power Development to acquire 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million).

According to Mercom’s Q1 2025 Solar Funding and M&A Report, a total of 19 solar corporate M&A transactions were recorded globally in Q1 2025. Solar downstream companies led corporate M&A activity.