“The corporate is in search of round $250 million in worth. With lots of consolidation that has occurred within the sector lately, the valuation expectations have inched up,” one of many individuals cited above mentioned on the situation of anonymity.
Binding bids are anticipated quickly, a second particular person mentioned. “Giant PE companies and a few strategics are more likely to bid.”
Mint reported on 18 November of the corporate’s plans to promote a controlling stake at a then decrease valuation of $100 million. The corporate has appointed EY to assist it search for patrons, Mint had reported.
The proposed sale of a controlling stake in Welspun New Power comes within the backdrop of a serious cleanup of India’s inexperienced power contracts.
As reported by Mint in November 2025, the Union energy ministry had directed state-run procurers—Seci, NTPC, NHPC, and SJVN—to cancel contracts by the top of the identical month, the place it was not possible to signal energy buy agreements (PPAs) and energy provide agreements (PSAs).
Nonetheless, the goal runway continues to be lengthy—estimates from Worldwide Power Company (IEA) present that India might want to make investments $1.3 trillion in non-fossil energy era capability by 2035 to satisfy its power transition aim, and keep on observe to satisfy internet zero by 2070. This in flip has attracted each home and international buyers into the trade.
Emailed queries to Actis, BlackstoneCVC, EY, Macquarie, Sembcorp and the Welspun Group didn’t elicit any response until press time.
Platform and belongings
The proposed sale would mark a brand new part within the Mumbai-based group’s renewable technique practically a decade after it exited its earlier clean-energy enterprise.
In 2016, entrepreneur B.Okay. Goenka’s Welspun Group bought Welspun Power’s total 1.1-GW portfolio to Tata Energy for about $1.4 billion, then one of many largest renewable offers in India.
In 2022, Welspun New Power was fashioned as a inexperienced power infrastructure developer. Based on its web site, the corporate needs to ascertain 5GW of renewable power and a couple of MTPA of inexperienced derivatives (ammonia/methanol) capability by 2030.
A Could 2025 report from Crisil mentioned the corporate, by its subsidiaries, is within the means of organising ~0.8-1GW impartial renewable (photo voltaic, wind or hybrid) energy vegetation over the following 2-3 fiscal years. Its present operational portfolio “is proscribed at 12.7-megawatt (MW) – a rooftop photo voltaic plant (8.1MW) and floor mount photo voltaic plant (4.6 MW) for the Welspun group firms”.
The Crisil report additional added that the corporate has made progress by profitable bids for an extra 350MW (with an choice to broaden to 475MW) of capability, constructing on its present undertaking pipeline. It’s also exploring avenues of inexperienced hydrogen (GH)/ammonia and pump hydro initiatives (within the preliminary stage).
Sector consolidation
The proposed transaction comes amid heightened deal exercise in India’s renewable sector, pushed by speedy capability growth and the federal government’s clean-energy targets. Renewable power capability additions touched a peak of 44.5GW in 2025 (until November), practically doubling annual additions, in response to the ministry of latest and renewable power.
Giant international buyers resembling Macquarie or Blackstone are more and more focusing on working platforms that provide secure money flows and visibility on future progress, mentioned the pinnacle of a home funding financial institution, requesting anonymity. “India suits that profile exceptionally effectively, given its bold renewable capability targets, bettering grid integration, and rising company demand for inexperienced energy.”
Such investments may additionally deliver two structural advantages. “First, entry to lower-cost, long-duration capital, which might enhance undertaking viability and speed up capability addition. Second, stronger governance and international greatest practices in asset administration and threat mitigation,” this particular person mentioned.
Though non-public fairness buy-ins have been uncommon in 2025, a number of giant transactions underscored consolidation traits. The ONGC–NTPC Inexperienced acquisition of Ayana Renewable Energy for $2.3 billion ranked among the many nation’s greatest clean-energy offers, whereas JSW Neo Power’s buy of the O2 Energy platform highlighted conglomerates’ push for inorganic progress.
Additional, the primary half of 2025 noticed a number of billion-dollar platform acquisitions towards the backdrop of PE exits and restructurings in conglomerates like Vedanta.
Capital flows into clear energy
Overseas direct funding (FDI) into India’s electrical energy sector has additionally been rising. Based on the IEA’s World Power Funding 2025 report, about 83% of energy sector funding within the nation went to wash power in 2024.
India was the world’s largest recipient of growth finance establishment funding in 2024, receiving round $2.4 billion in project-type interventions in clear power era, in response to the IEA report.
It famous additional that FDI in India’s electrical energy sector has doubled since pre-pandemic ranges to achieve $5 billion, and there may be scope to speed up additional.