RPSG firm to acquire 6 solar projects with 1.4 GWp capacity from ReNew Solar Power for Rs 4,859 crore

Representational Image. File pic.

RP-Sanjiv Goenka Group (RPSG) on Monday said that its flagship utility CESE Ltd's arm will acquire six solar power projects with combined capacity of 1.4 GWp from ReNew Solar for Rs 4,859 crore.

Solar energy generation projects in Rajasthan and Karnataka, operational under six special purpose vehicles (SPVs), will be acquired by Purvah Green Power Pvt Ltd at an enterprise value of Rs 4,859 crore (USD 509 million at Rs 95.5/USD), according to a statement.

The acquisition has been funded by the parent company, it 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 - from a platform built primarily on projects under development to one anchored by assets already generating contracted cash flows.

More than 90 per cent of the 1.4 GWp capacity is contracted with the Solar Energy Corporation of India (SECI) under long-term power purchase agreements, with the balance contracted with Karnataka distribution companies.

All PPAs (power purchase agreements) are over a 25-year tenure, the statement said.

Shashwat Goenka, Vice Chairman, RPSG, 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."

At present, Purvah's contracted capacity stands at approximately 3.4 GWp. Following the transaction, its total contracted capacity rises to 4.8 GWp, of which 1.8 GWp is operational, and 3 GWp is at various stages of construction.

Additionally, its 2.2 GWh battery capacity is also under implementation.

According to the statement, the acquisition also accelerates progress towards the group's immediate stated ambition of building a 10 GW renewable energy platform in the next few years.

Purvah Green Power Pvt Ltd is the renewable energy platform of CESC Ltd, part of the RP-Sanjiv Goenka Group. Incorporated in December 2023, Purvah develops and operates utility-scale solar, wind and hybrid renewable energy assets across India.

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