Home / Business and Economy / WNEL Sale Nears: Macquarie, RPSG in Final Bids
WNEL Sale Nears: Macquarie, RPSG in Final Bids
24 Aug
Summary
- Macquarie and RPSG are final contenders for Welspun's renewable energy arm.
- The deal values Welspun New Energy at approximately Rs 2,000 crore.
- WNEL targets 5 GW renewable capacity and 2 MTPA green derivatives by 2030.
Macquarie and the RP Sanjiv Goenka (RPSG) Group have emerged as the final bidders in the race to acquire Welspun New Energy (WNEL), the renewable energy division of the Welspun Group. Final negotiations are reportedly underway, with the potential transaction valuing WNEL's enterprise at approximately Rs 2,000 crore. This acquisition is set to reshape a significant portion of India's renewable energy landscape.
WNEL possesses a current operational renewable energy portfolio of about 45 MW. Its largest ongoing project is a 245 MW wind-solar hybrid facility in Gujarat. Additionally, the company has a pipeline including a 700 MW wind-solar-plus storage project and is actively developing a green hydrogen and ammonia platform.
By 2030, WNEL is targeting an impressive 5 GW of renewable energy capacity. It also aims to produce 2 MTPA of green derivatives, specifically ammonia and methanol. This strategic direction underscores the company's commitment to expanding its footprint in the clean energy sector.
In related news, RPSG's Purvah Green Power recently acquired a 1.4 GW solar portfolio for Rs 4,859 crore, increasing its contracted renewable capacity to 4.8 GW. WNEL's subsidiary, Welspun Renewable Energy, recently signed a power purchase agreement with Tata Motors for an 86 MW hybrid project. As of March end, WNEL's operational portfolio was 45 MW, expected to grow to 325 MW by September with the commissioning of projects under its subsidiary, Mounting Renewable Power Ltd (MRPL).
