Purvah Green Power, the renewable energy division of India-based CESC under the RP-Sanjiv Goenka Group (RPSG), has agreed to acquire a 1.4GWp portfolio of operating assets from Renew Solar Power.
Valued at Rs48.59bn (approximately $509m at the exchange rate of Rs95.5 per USD), the transaction includes six special purpose vehicle projects located in Rajasthan and Karnataka.
The acquisition will be funded through the parent company.
The solar portfolio being acquired consists of projects that are already in operation and have a performance record.
Over 90% of this acquired capacity is contracted under long-term power purchase agreements (PPAs) with the Solar Energy Corporation of India (SECI), while the remainder is under contract with distribution companies in Karnataka. Each agreement runs for a 25-year term.
The addition shifts Purvah Green Power’s asset base, increasing the share of revenue-generating projects and accelerating the development timeline for the company’s renewable energy portfolio.
RPSG vice chairman Shashwat Goenka said: “This acquisition marks a significant acceleration of our renewable energy journey. It gives us immediate operating scale, complements our strong pipeline of contracted capacity, and meaningfully brings forward the growth of the platform.
“We have always believed our renewable growth should combine disciplined greenfield development with selective acquisitions where they accelerate value creation, and the quality and long-term visibility of these assets made this a compelling opportunity.”
Prior to the acquisition, Purvah Green Power’s contracted capacity stood at around 3.4GWp.
Following the completion of the transaction, this figure will increase to 4.8GWp, with 1.8GWp of this total already operational and 3GWp under varying stages of construction.
The company also has 2.2GWh of battery capacity under development.
Purvah Green Power, established in December 2023, develops and operates large-scale solar, wind, and hybrid renewable energy assets across India. It aims to build towards a portfolio of 10GW over the coming years.
