Purvah Green Power Private Limited, a subsidiary of CESC Limited, has entered into a Share Purchase Agreement to acquire 100% of the share capital of six renewable energy project companies from ReNew Solar Power Private Limited. The acquisition involves a combined installed capacity of 1,411.48 MW, or approximately 1.4 GWp.
The target companies are ReNew Hans Urja Private Limited, ReNew Solar Photovoltaic Private Limited, ReNew Wind Energy (Karnataka 3) Private Limited, ReNew Wind Energy (MP Four) Private Limited, ReNew Wind Energy (Karnataka 4) Private Limited and ReNew Agni Power Private Limited. Their combined installed capacity comprises solar and wind assets.
The transaction carries an enterprise value of ₹4,859 crore, excluding a contingent payment estimated at ₹230 crore, which would be payable only upon additional realisation of a change-in-law claim. The cash consideration payable at closing is expected to be ₹1,582 crore, subject to adjustments specified under the agreement.
Following completion of the acquisition, Purvah Green Power’s operational renewable energy capacity is expected to increase to more than 1.8 GWp. Its contracted and tied-up capacity is expected to exceed 3 GWp, taking its total portfolio to approximately 4.8 GWp.
More than 90% of the acquired capacity is contracted with the Solar Energy Corporation of India (SECI) through long-term power purchase agreements, while the remaining capacity is contracted with Karnataka distribution companies. The PPAs have a tenure of 25 years.
The acquisition is expected to increase the share of operating assets within Purvah Green Power’s portfolio, providing additional generation capacity and contracted revenue streams. Prior to the transaction, the company had approximately 3.4 GWp of contracted capacity. Upon completion, this is expected to rise to 4.8 GWp, comprising 1.8 GWp of operational capacity and 3 GWp of tied-up capacity at various stages of construction.
Purvah Green Power also has 2.2 GWh of battery capacity tied up and under implementation, according to the company.
The acquisition is expected to be completed before October 31, 2026. The regulatory filing states that no governmental or regulatory approval is required for the transaction.
The acquisition will support Purvah Green Power’s expansion across India’s renewable energy sector as the company works toward its target of developing a 10 GW renewable energy portfolio.e six acquired companies as renewable-energy entities with both solar and wind capacity.
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