The RP-Sanjiv Goenka Group (RPSG) on Monday announced that Purvah Green Power Private Limited, the renewable energy platform of CESC Limited, will acquire a 1.4 gigawatt peak (GWp) operating solar portfolio from Renew Solar Power Private Limited, at an enterprise value of Rs 4,859 crore.
The portfolio is held across six project special purpose vehicles (SPVs) in Rajasthan and Karnataka.
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Funded by the parent company, it is among the largest acquisitions of solar assets in the Indian market, the company said in a statement.
More than 90 per cent of the capacity is contracted with the Solar Energy Corporation of India under long-term power purchase agreements, with the balance contracted with Karnataka distribution companies, it said, adding that all PPAs are over a 25-year tenure.
‘This marks our move from a conventional power player to a diversified energy platform,’ said Shashwat Goenka, vice chairman, RPSG. ‘For us, this is going to be a combination of disciplined greenfield development as well as selective acquisitions, which will accelerate value creation for us.’
Post the acquisition, Purvah’s contracted capacity will increase to 4.8 GWp, of which 1.8 GWp is operational and 3 GWp is at various stages of construction.
Additionally, the company’s 2.2 gigawatt hour (GWh) battery capacity is also tied-up and under implementation, the company said.
The acquisition contributes significantly to the group’s ambition of building a 10 Gw renewable energy platform in the next few years. Purvah Green Power, incorporated in December 2023, is the renewable energy platform of CESC, which is part of the RPSG Group. It develops and operates utility-scale solar, wind and hybrid renewable energy assets across India.
CESC is a flagship company of the RPSG group dealing in power utility. Along with its subsidiaries, it serves about 4.4 million consumers and operates distribution businesses across West Bengal, Uttar Pradesh, Rajasthan, Maharashtra and Chandigarh.
