The acquired assets are operating projects with an established generation track record, the RP Sanjiv Goenka Group said
| Photo Credit:
Avijit Ghosh
The RP-Sanjiv Goenka Group on Monday said its renewable-energy platform, Purvah Green Power, has entered into a share purchase agreement to acquire a 1.4 GWp (gigawatt peak) operating solar portfolio from Renew Solar Power, at an enterprise value of Rs 4,859 crore. (Wattpeak is a unit used to indicate the maximum output of a solar-panel installation.)“Purvah Green Power has entered into an agreement for acquisition of 100 per cent share capital of ReNew Hans Urja, ReNew Solar Photovoltaic, ReNew Wind Energy, ReNew Wind Energy, ReNew Wind Energy, and ReNew Agni Power from ReNew Solar Power,” the company’s parent firm, CESC, said in a stock-exchange filing.The transaction will take Purvah’s contracted capacity to 4.8 GWp and battery capacity of 2.2 GWh (gigawatt hour) and accelerate the group’s path to 10 GW of renewable energy in the next few years.‘Decisive shift’CESC, the flagship power utility of the Sanjiv Goenka-led group, said the transaction is among the largest acquisitions of operating solar assets in the Indian market and marks a decisive shift in the composition of Purvah’s portfolio.“Purvah Green Power, a subsidiary of CESC Limited, has entered into a share purchase agreement today for acquisition of 100 per cent share capital of ReNew Hans Urja, ReNew Solar Photovoltaic, ReNew Wind Energy, ReNew Wind Energy (MP Four), ReNew Wind Energy (Karnataka 4), ReNew Agni Power from ReNew Solar Power Private Limited,” CESC Ltd said in a stock exchange filing.For the acquistion, expected to be completed before October 31, the cash consideration payable will be Rs 1,582 crore on closing, which is a combination of payment to Renew Solar Power for share capital (Rs 589 crore) and an infusion of unsecured promoter debt (Rs 993 crore). This shall be subject to post closing adjustments in the manner set out in the share purchase agreement.The acquired assets are operating projects with an established generation track record, the RP Sanjiv Goenka Group said, adding more than 90 per cent of the capacity is contracted with the Solar Energy Corporation of India (SECI) under long-term power purchase agreements (PPAs), with the balance contracted with Karnataka distribution companies. All PPAs are over a 25-year tenure.‘Immediate scale’The acquisition marks a significant acceleration of the group’s renewable energy journey. It gives the group immediate operating scale, complements its strong pipeline of contracted capacity, and meaningfully brings forward the growth of the platform, said Shashwat Goenka, Vice-Chairman of the group. “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.”Purvah’s contracted capacity stood at around 3.4 GWp prior to the transaction. Of the expected total contracted capacity of 4.8 GWp post the transaction, 1.8 GWp is operational and the rest is tied-up at various stages of construction. Additionally, 2.2 Gwh battery capacity is also tied-up and under implementation.Published on August 10, 2026
