Macquarie, Blackstone among bidders for Welspun’s green arm
“The company is seeking a valuation of around $250 million. Valuation expectations have increased slightly due to recent consolidation in the industry,” said one of the people cited above, on condition of anonymity.
Binding proposals are expected soon, a second person said. “Large PE firms and some strategic companies are likely to bid.”
Mint On November 18, he announced plans to sell controlling shares of the company for a lower value of $100 million. The company appointed EY to help it find a buyer. Mint had reported.
Sale of controlling stake in Welspun New Energy comes against the backdrop of a major clean-up of India green energy contracts.
As reported by Mint In November 2025, the Union power ministry had directed state-run suppliers (Seci, NTPC, NHPC and SJVN) to cancel contracts by the end of the same month in cases where it is not possible to sign power purchase agreements (PPAs) and power supply agreements (PSAs).
However, the target runway is still long; Estimates from the International Energy Agency (IEA) show that India needs to invest $1.3 trillion in non-fossil energy generation capacity by 2035 to achieve its energy transition target and be on track to reach net zero by 2070. This attracted both domestic and global investors to the sector.
Inquiries emailed to Actis, Blackstone, CVC, EY, Macquarie, Sembcorp and Welspun Group did not respond by press time.
Platform and assets
The proposed sale would mark a new phase in the Mumbai-based group’s renewable strategy, nearly a decade after it exited its earlier clean energy business.
Entrepreneur BK Goenka’s Welspun Group sold Welspun Energy’s entire 1.1 GW portfolio to Tata Power for around $1.4 billion in 2016, making it one of the largest renewable energy deals in India.
In 2022, Welspun New Energy was founded as a green energy infrastructure developer. According to its website, the company wants to build 5GW Renewable energy and 2 MTPA of green derivative (ammonia/methanol) capacity by 2030.
A May 2025 report from Crisil stated that the company, through its subsidiaries, is in the process of setting up around 0.8-1GW of standalone renewable (solar, wind or hybrid) power plants in the next 2-3 financial years. Its current operational portfolio is limited to “12.7 megawatts (MW) – rooftop solar installation (8.1 MW) and ground-mounted solar installation (4.6 MW) for Welspun group companies”.
The Crisil report also added that the company has made progress by winning bids for an additional 350 MW of capacity (with the option to expand to 475 MW) by building on its existing pipeline. It is also exploring green hydrogen (GH)/ammonia and pumped hydro projects (in the first phase).
Industry consolidation
The proposed transaction comes amid increased deal activity due to rapid capacity expansion in India’s renewable sector and the government’s clean energy targets. According to the ministry of new and renewable energy, renewable energy capacity additions reached a peak of 44.5 GW in 2025 (by November), nearly doubling annual additions.
Large global investors such as Macquarie or Blackstone are increasingly targeting operating platforms that offer stable cash flows and visibility into future growth, said the head of a domestic investment bank, speaking on condition of anonymity. “India fits this profile extremely well, given its ambitious renewable capacity targets, improving grid integration and growing corporate demand for green energy.”
Such investments can also provide two structural benefits. “The first is access to lower-cost, long-term capital that can improve project viability and accelerate capacity expansion. Second, stronger governance and global best practices in asset management and risk mitigation,” this person said.
Although private equity buyouts are rare in 2025, several large transactions have underscored consolidation trends. ONGC-NTPC Green’s $2.3 billion acquisition of Ayana Renewable Energy is among the country’s largest clean energy deals, while JSW Neo Energy’s acquisition of the O2 Power platform highlighted conglomerates’ push for inorganic growth.
Moreover, the first half of 2025 has seen several billion-dollar platform acquisitions on the backdrop of PE exits and restructurings at conglomerates like Vedanta.
Capital flows into clean energy
Foreign direct investment (FDI) in India’s power sector is also increasing. According to the IEA’s World Energy Investment 2025 report, approximately 83% of the energy sector investments in the country in 2024 went to clean energy.
According to the IEA report, India became the world’s largest recipient of development finance institution financing in 2024, receiving approximately $2.4 billion from project-type interventions for clean energy production.
He also noted that foreign direct investment in India’s power sector has doubled since pre-pandemic levels to $5 billion, and there is room for further acceleration.
