RP-Sanjiv Goenka Group’s renewable energy arm to acquire 1.4 GWp operating solar assets in Rajasthan and Karnataka for ₹4,859 crore
Key Highlights:
- RPSG will acquire six solar power projects for ₹4,859 crore.
- The projects have a combined capacity of 1.4 GWp.
- The assets are located in Rajasthan and Karnataka.
- Purvah Green Power will acquire the projects from ReNew Solar.
- More than 90% of the capacity is contracted with SECI.
- All power purchase agreements have a 25-year tenure.
- Purvah’s contracted capacity will rise from 3.4 GWp to 4.8 GWp.
- The acquisition supports RPSG’s goal of building a 10 GW renewable energy platform.
New Delhi, August 10: The RP-Sanjiv Goenka Group (RPSG) has announced that its flagship utility company CESC Ltd’s renewable energy arm, Purvah Green Power Pvt Ltd, will acquire six solar power projects with a combined capacity of 1.4 GWp from ReNew Solar for ₹4,859 crore.
The solar projects, located in Rajasthan and Karnataka, are currently operational through six special purpose vehicles (SPVs). According to the company, the acquisition will be completed at an enterprise value of ₹4,859 crore, equivalent to around USD 509 million based on an exchange rate of ₹95.5 per US dollar.
The acquisition has been funded by the parent company and is being described as one of the largest acquisitions of operating solar assets in the Indian renewable energy market.
The transaction will also significantly change the composition of Purvah’s renewable energy portfolio. The platform was previously focused largely on projects under development, while the latest acquisition will give it a much larger base of operating assets that are already generating contracted cash flows.
More than 90% of the acquired 1.4 GWp capacity is contracted with the Solar Energy Corporation of India (SECI) under long-term power purchase agreements. The remaining capacity is contracted with Karnataka distribution companies.
All the power purchase agreements have a tenure of 25 years, providing long-term visibility for the acquired projects’ revenues.
RPSG Vice Chairman Shashwat Goenka said the acquisition would accelerate the group’s renewable energy expansion by providing immediate operating scale while complementing its existing pipeline of contracted capacity.
Before the transaction, Purvah’s contracted renewable energy capacity stood at approximately 3.4 GWp. Following the acquisition, its total contracted capacity will increase to 4.8 GWp.
Of this total, around 1.8 GWp will be operational, while another 3 GWp will remain at various stages of construction. The company also has 2.2 GWh of battery capacity under implementation.
The acquisition is expected to accelerate RPSG’s progress towards its stated ambition of building a 10 GW renewable energy platform over the next few years.
Purvah Green Power is the renewable energy platform of CESC Ltd, which is part of the RP-Sanjiv Goenka Group. Incorporated in December 2023, the company develops and operates utility-scale solar, wind and hybrid renewable energy projects across India.
The acquisition reflects the growing interest of large Indian corporate groups in operating renewable energy assets as the country continues to expand its clean energy capacity and strengthen its renewable power infrastructure.
