Purvah Green Power, the renewable energy arm of the RP Sanjiv Goenka Group, is set to acquire Welspun New Energy (WNEL) at an enterprise valuation of around ₹2,500 crore, in a transaction that could significantly strengthen Purvah’s renewable energy development pipeline.
People familiar with the development said Purvah emerged ahead of Macquarie in the final round of negotiations. The deal, however, is yet to be formally completed, and the companies had not responded to requests for comment at the time of reporting.
The proposed acquisition comes as Purvah accelerates its strategy to build a 10 GW green power portfolio through a combination of acquisitions and greenfield development.
Welspun New Energy Brings Large Development Pipeline
While Welspun New Energy currently has only around 45 MW of operational renewable capacity, its development pipeline is considerably larger.
The company has a 245 MW wind-solar hybrid project under construction in Gujarat, which is its largest project currently being developed. It also has a pipeline of around 700 MW of wind-solar projects combined with energy storage.
WNEL has set an ambitious target of reaching 5 GW of renewable energy capacity by 2030, alongside production of around 2 million tonnes per annum of green derivatives.
Its planned green-derivatives portfolio includes products such as green ammonia and methanol, positioning the company beyond conventional renewable power generation and into emerging clean-energy applications.
For Purvah, acquiring WNEL would therefore provide access to a development platform that could complement its existing operational assets and projects under construction.
Purvah Expands Through Acquisitions
The proposed WNEL transaction follows Purvah’s recent acquisition of 1.4 GW of operational solar assets from ReNew Power at an enterprise valuation of ₹4,859 crore, or approximately $509 million.
The assets were held through six special purpose vehicles operating across Rajasthan and Karnataka.
Following the ReNew acquisition, Purvah’s total contracted capacity increased to around 4.8 GW. This includes approximately 1.8 GW of operational capacity and another 3 GW at different stages of construction.
The company also has around 2.2 GWh of battery storage capacity tied up and under implementation, strengthening its position in the growing renewable-plus-storage segment.
The acquisition strategy forms part of RP Sanjiv Goenka Group’s broader push into renewable power and energy-transition businesses.
₹65,000 Crore Investment Plan
Purvah has outlined plans to invest approximately ₹65,000 crore to build a 10 GW renewable energy portfolio by 2032.
The company’s greenfield pipeline includes projects linked to the group’s electricity distribution companies as well as projects secured with external customers.
Purvah currently has three power purchase agreements with group distribution companies and five external PPAs. Four of the external agreements are with the Solar Energy Corporation of India, while another is with Indian Railways.
The proposed Welspun acquisition could give Purvah another development platform as it seeks to expand its generation portfolio and reach its long-term capacity target.
Welspun’s Second Major Renewable Asset Sale
For Welspun, the proposed transaction would mark another significant monetisation of its renewable energy assets.
In 2016, the company sold a 1.14 GW renewable energy portfolio to Tata Power Renewable Energy, a subsidiary of Tata Power, for approximately ₹10,000 crore. The transaction was among India’s largest renewable energy deals at the time.
The latest proposed sale comes as Welspun continues to develop new projects in the renewable energy sector while evaluating opportunities across emerging areas of the energy transition.
More recently, Welspun Renewable Energy entered into a power purchase agreement with Tata Motors to co-develop an 86 MW wind-solar hybrid renewable energy project.
The project is expected to supply clean electricity to four Tata Motors manufacturing facilities located in Jharkhand, Uttar Pradesh, Uttarakhand and Karnataka.
Growing Interest in Hybrid and Storage Projects
The potential acquisition highlights the increasing importance of renewable projects that combine different generation technologies and energy storage.
Wind-solar hybrid projects can help improve the consistency of renewable power generation by combining resources with different production patterns. Adding storage can further increase flexibility and support the delivery of electricity according to demand and contractual requirements.
For large renewable energy developers, such projects are becoming increasingly relevant as the Indian power market moves beyond standalone solar and wind capacity towards integrated clean-energy systems.
Purvah’s planned expansion into this space comes as India’s renewable energy sector continues to attract large investments from both domestic and international players.
If completed, the WNEL acquisition would add another significant development pipeline to Purvah’s rapidly expanding portfolio and further advance the RP Sanjiv Goenka Group’s ambitions in the clean-energy market.
Disclaimer: This report has been editorially prepared using publicly available information and official company disclosures. Readers are advised to refer to official company announcements/disclosures for further details.
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