Purvah Green Power, the renewable energy platform of RP-Sanjiv Goenka Group-owned CESC Ltd, is set to acquire a 1.4 GWp operating solar portfolio from ReNew Solar Power at an enterprise value of INR 4,859 crore ($509 million).
The transaction ranks among one of the largest deals for operating solar assets in India.
The acquired portfolio comprises six project special purpose vehicles (SPVs) located in Rajasthan and Karnataka.
The acquisition has been funded by CESC, the parent company. It marks a shift in the composition of Purvah’s portfolio from a platform built primarily on projects under development to one anchored by operating assets already generating contracted cash flows.
The Group said that the acquired assets are operating projects with an established generation track record. More than 90% of the capacity is contracted with the Solar Energy Corp. of India (SECI) under long-term power purchase agreements, with the balance contracted with Karnataka distribution companies.
All PPAs have over a 25-year tenure.
“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,” said Shashwat Goenka, Vice chairman, RPSG. “For a Group with a long heritage in the power sector, this marks our move from a conventional power player to a diversified energy platform, and an important step towards building RPSG into one of India’s leading renewable energy platforms.”
With this acquisition, Purvah’s total contracted capacity will rise to 4.8 GWp, along with 2.2 GWh of battery capacity also tied up and under implementation, taking the company closer to its 10 GW RE portfolio goal.
Of the 4.8 GWp contracted renewable capacity, 1.8 GWp is operational, while 3 GWp is tied up and at various stages of construction.
Incorporated in December 2023, Purvah develops and operates utility-scale solar, wind and hybrid renewable energy projects across India.
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