Home / Business and Economy / Purvah Green Power Seals Welspun Energy Acquisition
Purvah Green Power Seals Welspun Energy Acquisition
4 Sep
Summary
- Purvah Green Power eyes Welspun New Energy for ₹2,500 crore.
- Acquisition grants Purvah access to significant renewable pipeline.
- Welspun's previous renewable sale was to Tata Power in 2016.
Purvah Green Power, a subsidiary of RP Sanjiv Goenka Group, is reportedly acquiring Welspun New Energy (WNEL) for an enterprise valuation of around ₹2,500 crore. This acquisition positions Purvah to significantly expand its renewable energy development pipeline, contributing to its objective of building a 10 GW green power portfolio.
WNEL currently operates approximately 45 MW of renewable capacity but possesses an ambitious development pipeline. This includes a 245 MW wind-solar hybrid project under construction in Gujarat and a further 700 MW wind-solar-plus-storage pipeline. The company aims for 5 GW of renewable capacity by 2030.
This deal follows Purvah's recent acquisition of 1.4 GW of solar assets from ReNew Power for ₹4,859 crore. With these acquisitions, Purvah's contracted capacity increases to 4.8 GW, including operational and under-construction projects. Welspun's prior major renewable asset sale was in 2016, when it sold its 1.14 GW portfolio to Tata Power Renewable Energy.
