Waaree Energies faces ICC arbitration over Enel Green Power India sale agreement

Renewable energy company, Waaree Energies Ltd, on Monday (March 16), said the company has received a notice from the Court of Arbitration of the Chamber of Commerce (ICC) regarding a Request for Arbitration filed by Enel Green Power Development S.R.L.

The dispute concerns the Sale and Purchase Agreement (SPA) dated January 10, 2025, for the sale of Enel Green Power India Private Ltd, a wholly-owned subsidiary of the claimant. The arbitration proceedings will take place in London, United Kingdom.

Enel Green Power alleges breaches of the SPA by Waaree Energies and is seeking claims for damages and loss of profits. Waaree Energies has rejected the allegations and intends to contest the claims through the arbitration process. The final outcome will determine the financial impact, which is currently unquantifiable.

At this preliminary stage of the proceedings, the financial impact, if any, on the company arising from the arbitration is not presently ascertainable and would depend upon the final outcome of the arbitration and any related proceedings. The company intends to vigorously defend the matter and to invoke all contractual and legal remedies available to it," the firm said.

The company is assessing the monetary claims with its legal advisors and plans to file an appropriate response and counterclaim before the arbitral tribunal. Waaree Energies has confirmed it will pursue all contractual and legal remedies available to defend its position.

Shares of Waaree Energies Ltd ended at ₹2,790.35, up by ₹64.80, or 2.38%, on the BSE.