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Waaree Renewable is set to acquire a 55% stake in power transmission EPC firm Associated Power Structures for ₹1,225 crore.
Associated Power, based in Vadodara, designs and builds power transmission towers and substations.
The deets: the deal includes a mix of primary and secondary capital. Around 25% of the money will go directly into Associated Power, while the rest buys out existing shareholders.
The company operates two plants in Vadodara with 108,000 mtpa manufacturing capacity.
Why it matters: Waaree is moving beyond just solar plants and into the power transmission side of the energy business.
Making solar power is one thing. Moving that power to the grid is another. This deal helps Waaree control both.
By buying Associated Power, Waaree gets in-house capability to build transmission towers, substations, and high-voltage lines, instead of depending on third-party contractors. That means faster execution & more end-to-end projects.
Simply put, Waaree wants to be a one-stop shop for renewable power, from generation to grid connection.
Big theme: India is adding power capacity at record speed especially solar and wind. But generating electricity is only half the job. The bigger challenge is moving that power from where it’s produced to where it’s consumed.
Most renewable projects are built in remote, land-rich states like Rajasthan, Gujarat, and Ladakh, while demand sits in cities and industrial hubs. That means India needs more transmission towers, substations, and high-voltage lines, fast.
