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.