Purvah Green to acquire 1.4 GWp ReNew solar portfolio for Rs 4,859 crore
Purvah Green Power Private Limited, the renewable energy platform of CESC Limited under the RP-Sanjiv Goenka Group, has agreed to acquire a 1.4 GWp operational solar portfolio from ReNew Solar Power Private Limited for an enterprise value of Rs 4,859 crore, equivalent to approximately USD 509 million at Rs 95.5/USD.
The portfolio comprises six special purpose vehicles (SPVs) located in Rajasthan and Karnataka. The transaction ranks among the largest acquisitions of operating solar assets in the Indian market and will significantly change the composition of Purvah’s renewable portfolio by adding a substantial base of operational assets with contracted cash flows.
The acquisition will be funded directly by the parent company.
Portfolio
More than 90% of the acquired capacity is contracted with the Solar Energy Corporation of India (SECI) through 25-year long-term power purchase agreements (PPAs). The remaining capacity is contracted with distribution companies in Karnataka.
All six assets are operational and have an established generation track record. The transaction also includes a potential additional contingent payout of approximately Rs 230 crore linked to pending change-in-law claims.
Capacity
Purvah’s contracted capacity stood at approximately 3.4 GWp before the transaction. Following completion of the acquisition, its total contracted capacity is expected to increase to 4.8 GWp, including 1.8 GWp of operational capacity.
The company also has 3 GWp of renewable capacity at various stages of construction and 2.2 GWh of battery energy storage capacity under implementation.
Completion of the transaction is targeted on or before 31 October 2026.
Strategic shift
The acquisition moves Purvah from a renewable platform weighted towards projects under development towards a portfolio with a larger operating asset base. It also accelerates the company’s expansion by adding assets that are already generating power under long-term contracts.
Commenting on the transaction, Shashwat Goenka, Vice Chairman of RPSG Group, 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.”
Sandeep Kashyap, CEO of Purvah Green Power, said: “The acquisition marks an important milestone in this journey and reinforces our strategy of building a diversified renewable energy platform across solar, wind, hybrid and energy storage, while taking us closer to our ambition of building a 10 GW portfolio.”
The acquisition also supports the RP-Sanjiv Goenka Group’s stated ambition of building a 10 GW renewable energy platform over the next few years. The group has a long-standing presence in the power sector and is using the expansion of Purvah to move from a conventional power business towards a more diversified energy platform.
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