Welspun RE biz race: Macquarie, RP Sanjiv Goenka in last lap

MUMBAI: Macquarie and the RP Sanjiv Goenka (RPSG) Group have emerged as the final contenders for Welspun New Energy (WNEL), said people aware of the development, as the sale of Welspun Group's renewable energy arm entered the final phase.

Final negotiations are underway with the two bidders, with potential transaction expected to peg WNEL's enterprise value at about Rs 2,000 crore, they said.

WNEL has a relatively small operating renewable energy portfolio, with about 45 MW of operational capacity. Its largest project under construction is a 245 MW wind-solar hybrid project in Gujarat. The firm also has a 700 MW wind-solar-plus storage pipeline. It is also developing a larger green hydrogen and ammonia platform, with projects at various stages of development. WNEL is targeting 5 GW of renewable energy capacity and 2 MTPA of green derivatives - ammonia and methanol - by 2030.


A decade ago, Welspun had sold its 1.14 GW renewable energy portfolio to Tata Power Renewable Energy, a Tata Power unit, for about Rs 10,000 crore, ranking among the largest renewable energy deals in India at the time.

Long-term Growth Visibility

A spokesperson for WNEL declined to comment while mails sent to Macquarie and RPSG did not elicit any response.

Also Read: RPSG’s Purvah Green Power to acquire Renew Solar Power's 1.4 GW solar portfolio for Rs 4,859 crore

Recently, Tata Motors signed a power purchase agreement (PPA) with Welspun Renewable Energy, a unit of WNEL, to co-develop an 86 MW wind-solar hybrid renewable energy project. The initiative will supply clean power to four Tata Motors manufacturing plants across Jharkhand, Uttar Pradesh, Uttarakhand and Karnataka.

Welspun Renewable Energy has a project pipeline of 1.5 GW across solar, hybrid, and solar-plus-battery energy storage system (BESS) projects, providing strong long-term growth visibility. The company's operational portfolio of 45 MW as of March-end is expected to grow more than sevenfold to 325 MW by September, with the commissioning of the balance capacity under its subsidiary, Mounting Renewable Power Ltd (MRPL), CareEdge Ratings said in a recent report.

While the operational portfolio and MRPL projects scheduled for commissioning by next month are primarily backed by long-term PPAs with Welspun Group entities, the identified future pipeline by virtue of projects already won by Welspun Renewable Energy is proposed to be tied up with reputed counterparties, such as Gujarat Urja Vikas Nigam, Solar Energy Corporation of India (SECI), and reputed commercial and industrial customers, providing healthy revenue visibility and mitigating counterparty credit risk, per the report.

Also Read: India's solar module capacity surges, but upstream manufacturing lags: NITI Aayog

RP-Sanjiv Goenka Group's renewable energy arm, Purvah Green Power, recently bought a 1.4 GW operating solar portfolio from ReNew Solar Power for Rs 4,859 crore, boosting its total contracted renewable capacity to 4.8 GW. It is aiming for a capacity of 10 GW in the next few years.

India currently ranks third globally in installed renewable energy capacity, according to Renewable Energy Statistics 2026. It added 55.3 GW of non-fossil fuel capacity during FY26, taking the total installed non-fossil energy capacity to 283.46 GW during the year.