Purvah Green Power Private Limited, the renewable energy platform of CESC Limited and part of the RP-Sanjiv Goenka Group, is set to acquire a 1.4 GWp operating solar portfolio from ReNew Solar Power Private Limited at an enterprise value of ₹4,859 crore (approximately USD 509 million). The portfolio is spread across six project special purpose vehicles (SPVs) in Rajasthan and Karnataka, with the acquisition funded by the parent company.
The transaction is among the largest acquisitions of operating solar assets in India and is expected to significantly change the composition of Purvah’s renewable energy portfolio. The acquisition will shift the company’s portfolio toward operating assets that are already generating contracted cash flows, alongside its existing pipeline of projects under development.
The acquired solar projects have an established generation track record, with more than 90% of the capacity contracted with the Solar Energy Corporation of India (SECI) under long-term power purchase agreements. The remaining capacity is contracted with Karnataka distribution companies. All the PPAs have a 25-year tenure, providing long-term revenue visibility.
Following the transaction, Purvah’s total contracted renewable energy capacity is expected to increase from approximately 3.4 GWp to 4.8 GWp. Of the total contracted capacity, 1.8 GWp will be operational, while another 3 GWp will be tied up and at various stages of construction.
The company also has 2.2 GWh of battery energy storage capacity tied up and under implementation, further expanding its renewable energy and energy storage portfolio.
Shashwat Goenka, Vice Chairman of RPSG, said the acquisition will provide immediate operating scale, complement Purvah’s contracted project pipeline and accelerate the growth of its renewable energy platform. He added that the transaction represents an important step in the group’s transition from a conventional power company toward a diversified energy platform.
The acquisition is also expected to increase the proportion of Purvah’s portfolio that is already generating revenue and strengthen its recurring cash flows ahead of the commissioning of its under-construction projects.
The transaction is expected to accelerate the RP-Sanjiv Goenka Group’s ambition of building a 10 GW renewable energy platform over the next few years.
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