This paper presents a finite control set based model predictive control (FCS-MPC) for renewable energy based three phase active front end rectifier in both standalone and grid connected mode. The existing control algorithms restrict the individual controller to either control the voltage or the power sharing. The proposed MPC algorithm enables the rectifier to regulate voltage in standalone mode and power sharing in grid connected mode. The authors propose MPC as being a non-linear control, it offers constraint inclusion feature and wide dynamic response range in comparison with other existing non-linear/linear techniques. Proposed MPC control technique has been tested on a 1.5kW 300V DC microgrid in MATLAB/SIMULINK environment.