Welspun Real Estate Race: Macquarie and RP Sanjiv Goenka Reach Final Stretch

Key Takeaways

Macquarie and RPSG Group are the final bidders for Welspun New Energy, with a potential enterprise value of about Rs 2,000 crore.
WNEL’s portfolio includes a 245 MW wind-solar hybrid project and plans to achieve a capacity of 5 GW by 2030.
India ranks third globally in installed renewable energy capacity, with significant growth in non-fossil fuel capacity in FY26.

Final Contenders for Welspun New Energy

Macquarie and the RP Sanjiv Goenka (RPSG) Group are the last bidders for Welspun New Energy (WNEL), as the sale process of Welspun’s renewable arm nears completion. Negotiations are currently underway, with estimates placing WNEL’s enterprise value around Rs 2,000 crore.

WNEL operates a relatively small renewable energy portfolio, boasting 45 MW of operational capacity. The company is currently developing a major 245 MW wind-solar hybrid project in Gujarat and has a pipeline for an impressive 700 MW wind-solar-plus storage initiative. Additionally, WNEL is focused on creating a larger green hydrogen and ammonia platform, with several projects at different development stages. By 2030, the company aims to reach a renewable energy capacity of 5 GW, alongside 2 million tonnes per annum (MTPA) of green derivatives such as ammonia and methanol.

Historically, Welspun sold a 1.14 GW renewable energy portfolio to Tata Power Renewable Energy for approximately Rs 10,000 crore, marking one of India’s largest renewable energy transactions a decade ago.

Growth and Partnerships

WNEL has not publicly commented on the bidding process, and responses from Macquarie and RPSG remain undisclosed. Recently, Tata Motors entered into a power purchase agreement (PPA) with Welspun Renewable Energy, a WNEL unit, to co-develop an 86 MW wind-solar hybrid project that will supply clean energy to four Tata manufacturing plants across multiple states, enhancing long-term growth prospects for the company. WNEL’s project pipeline stands at 1.5 GW, covering a range of solar, hybrid, and solar-plus-battery energy storage system (BESS) projects, indicating strong growth visibility.

According to CareEdge Ratings, WNEL’s operational capacity is expected to rise from 45 MW to 325 MW by September as additional projects under its subsidiary, Mounting Renewable Power Ltd (MRPL), come online. This growth is principally supported by long-term PPAs with entities from the Welspun Group. Future projects won by WNEL are anticipated to be associated with reputable partners, providing solid revenue visibility and minimizing counterparty credit risk.

RP-Sanjiv Goenka Group’s Expansion

Recently, the RP-Sanjiv Goenka Group’s renewable arm, Purvah Green Power, acquired a 1.4 GW operating solar portfolio from ReNew Solar Power for around Rs 4,859 crore. This acquisition significantly boosts its renewable capacity to 4.8 GW, with ambitions to expand to 10 GW in the coming years.

In a broader context, India ranks third globally for installed renewable energy capacity, as reported in the Renewable Energy Statistics 2026. The nation added 55.3 GW of non-fossil fuel capacity during FY26, raising the total installed non-fossil energy capacity to 283.46 GW during the year. This growth underscores India’s commitment to transitioning toward renewable energy sources.

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