Waaree Forever Energies, a wholly owned subsidiary of Waaree Energies, has executed a share purchase agreement to acquire a 100% stake in renewable solutions provider, Sunbreeze Ninth Cloud.

The acquisition is subject to the fulfillment of certain conditions precedent and is expected to be completed by November 30, 2025, or on a later date mutually agreed upon by the parties.

According to Mercom sources, the acquisition is of a solar project with a capacity of nearly 50 MW in Maharashtra.

Waaree has been acquiring multiple companies in the power sector.

The transaction is not a related party transaction.

The company further confirmed that none of its promoters, the promoter group, or any other affiliated companies have any interest in this acquisition.

In September this year,  Waaree Energies’ subsidiary acquired a 76% stake in Maharashtra-based smart meter manufacturing company, Racemosa Energy. The acquisition was valued at ₹530 million (~$6 million).

In the same month, the company also acquired a 64% equity stake in Kotsons, a Rajasthan-based power transformer solutions company, for ₹1.92 billion (~$21.79 million).

Among Waaree’s solar downstream acquisitions is Enel Green’s 640 MW wind and solar projects portfolio valued at ₹7.92 billion (~$91.73 million). The acquisition was announced in January 2025.

Waaree Energies recently released financial results for Q2 FY26, posting total income growth of 69.96% year-over-year with ₹62.27 billion (~$708.41 million).

Waaree Energies’ manufacturing capacity comprises 18.7 GW of solar modules and 5.4 GW of solar cells. It has an order book of approximately 24 GW, amounting to ₹470 billion (~$5.35 billion).

Recently, Waaree Renewable Technologies, the engineering, procurement, and construction arm of the Waaree Group, secured a letter of award for the EPC of a 150 MW ground-mounted solar project from an undisclosed renewable energy company for approximately ₹1.56 billion (~$17.81 million). Waaree will execute the project during the financial year 2027.