The RP-Sanjiv Goenka Group (RPSG) today announced that Purvah Green Power Private Limited, the renewable energy platform of CESC Limited, is set to acquire a 1.4 GWp operating solar portfolio from ReNew Solar Power Private Limited, held across six project special purpose vehicles in Rajasthan and Karnataka, at an enterprise value of ₹ INR 4859 crore (USD 509 million at ₹95.5/USD). The acquisition has been funded by the parent company.
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.
The acquired assets are operating projects with an established generation track record. More than 90% of the 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 are over a 25-year tenure.
Commenting on the transaction, 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. 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. 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.”
Purvah's contracted capacity stood at approximately 3.4 GWp prior to the transaction. Following completion, total contracted capacity rises to 4.8GWp, of which 1.8 GWp is operational and 3 GWp is tied-up, at various stages of construction. Additionally, 2.2 Gwh battery capacity is also tied-up and under implementation .The acquisition substantially increases the proportion of the portfolio that is already generating revenue and strengthening recurring cash flows well ahead of the commissioning schedule for the under-construction pipeline.
The acquisition also materially accelerates progress towards the group's immediate stated ambition of building a 10 GW renewable energy platform in the next few years.
About Purvah Green Power Private Limited
Purvah Green Power Private Limited is the renewable energy platform of CESC Limited, 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, and is building towards a 10 GW portfolio. For more information visit https://purvahgreen.com
About CESC Limited
CESC Limited is the flagship power utility of the RP-Sanjiv Goenka Group and India's first fully integrated electrical utility with private participation across generation, transmission and distribution. CESC along with its subsidiaries serves approximately 4.4 million consumers and operates distribution businesses across West Bengal (Kolkata , Howrah, Hoogly, 24 parganas) , UP(Greater Noida), Rajasthan (Bharatpur , Bikaner , Kota) , Maharashtra (Malegaon) and Chandigarh. For FY26, CESC reported consolidated revenue of ₹18,570 crore, EBITDA of ₹4,707 crore and consolidated net profit of ₹1,618 crore. For more information visit https://www.cesc.co.in
About RP-Sanjiv Goenka Group
The RP-Sanjiv Goenka Group, one of India’s new-age and fastest growing conglomerates, is headquartered in Kolkata with presence in 60+ countries and 100+ offices worldwide, has a strong workforce of approximately 55,000 employees, belonging to different nationalities. Its business interests span power and energy, IT services, carbon black and chemicals, FMCG, retail, media, entertainment, sports, education, wellness and healthcare. The group employs approximately 55,000 people. Its listed entities include CESC Limited, PCBL Chemical Limited, Firstsource Solutions Limited and RPSG Ventures Limited. For more information visit https://www.rpsg.in
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