A wind-solar hybrid renewable energy facility in Gujarat, India.
Macquarie Group and the RP Sanjiv Goenka Group have emerged as the final contenders in the race to acquire Welspun Energy’s renewable energy business. The deal, which is reportedly in its final stages, signals continued investor interest in India’s rapidly expanding renewable energy sector.
Welspun Energy, a subsidiary of Welspun Corp Ltd, currently operates a renewable energy portfolio of approximately 45 MW. Its most significant ongoing project is a 245 MW wind-solar hybrid facility located in Gujarat. The company also has a pipeline of 700 MW comprising wind-solar-plus storage projects. Beyond these, Welspun Energy is actively developing a green hydrogen and ammonia platform, with several projects in various stages of development.
The company has set ambitious targets, aiming to achieve 5 GW of renewable energy capacity and produce 2 million tonnes per annum (MTPA) of green derivatives, such as ammonia and methanol, by 2030. The potential acquisition by either Macquarie or the RP Sanjiv Goenka Group is expected to accelerate the development and scaling of these green energy initiatives.
While specific financial details of the bids have not been disclosed, the competition highlights the strategic value placed on operational renewable assets and future green energy pipelines in India. Both Macquarie, a global financial services giant with significant investments in infrastructure and renewables, and the RP Sanjiv Goenka Group, a diversified Indian conglomerate with growing interests in the energy sector, are well-positioned to integrate and expand Welspun Energy’s operations.
The outcome of this bidding process will be closely watched as it could lead to a significant consolidation or expansion within a key segment of India’s clean energy market.
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