RP-Sanjiv Goenka Group (RPSG)’s renewable energy platform Purvah Green Power, a subsidiary of CESC Limited, is set to acquire a 1.4 GWp operating solar power portfolio from ReNew Solar Power Private Limited for ₹4,859 crore.
The acquisition, funded by the parent company, marks a major expansion of Purvah Green Power’s renewable energy business and will significantly increase the company’s operational solar capacity.
The portfolio comprises six project-specific special purpose vehicles (SPVs) located across Rajasthan and Karnataka.
Major Acquisition of Operating Solar Assets
The transaction is among the larger acquisitions of operating solar assets in India’s renewable energy sector.
Unlike projects that are still under development or construction, the acquired assets are already operational and generating electricity. This means the acquisition will immediately add contracted revenue-generating capacity to Purvah’s portfolio.
More than 90% of the acquired capacity is contracted with the Solar Energy Corporation of India (SECI) through long-term power purchase agreements (PPAs).
The remaining capacity is contracted with Karnataka distribution companies.
All the PPAs have a 25-year tenure, providing long-term visibility over electricity sales and cash flows.
Purvah’s Contracted Capacity to Rise to 4.8 GWp
Before the acquisition, Purvah Green Power had approximately 3.4 GWp of contracted renewable capacity.
Following completion of the transaction, its total contracted capacity is expected to rise to approximately 4.8 GWp.
This will include:
- 1.8 GWp of operational capacity
- 3 GWp under various stages of construction
- 2.2 GWh of battery energy storage capacity under implementation
The acquisition therefore shifts Purvah’s portfolio toward a larger share of operating assets while the company continues developing its future project pipeline.
Strengthening Renewable Energy Platform
The acquisition is also expected to accelerate RPSG’s ambition of building a 10 GW renewable energy platform over the coming years.
Operating solar assets provide Purvah with immediate scale and recurring contracted cash flows, while its under-construction and development pipeline provides room for further expansion.
The company has also recently expanded into firm and dispatchable renewable power.
Purvah Green Power was awarded a 70 MW Round-the-Clock Thermal Mimic (RTC-TM) project as part of SECI’s 1,000 MW RTC-TM tender, which was awarded to seven bidders.
The combination of operating solar projects, new renewable developments and energy storage is expected to broaden Purvah’s clean-energy portfolio beyond conventional solar generation.
Acquisition Brings Immediate Operating Scale
The transaction is particularly significant because it allows Purvah to acquire a large operating portfolio rather than waiting several years for new projects to be commissioned.
With more than 90% of the acquired capacity backed by SECI PPAs, the assets also provide long-term contracted revenue visibility.
The move could strengthen Purvah’s position in India’s rapidly expanding renewable energy market as power demand rises and utilities increasingly seek long-term supplies of clean electricity.
RPSG Leadership on the Acquisition
Commenting on the transaction, Shashwat Goenka, Vice Chairman, RPSG, said the acquisition would accelerate the group’s renewable energy journey by providing immediate operating scale and complementing its existing contracted project pipeline.
The deal also brings forward the growth of Purvah’s renewable platform by adding a substantial block of already operational solar assets.
With the acquisition, Purvah Green Power will have a significantly larger base of operating renewable assets alongside projects under construction and a growing battery storage pipeline.
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