CESC arm Purvah Green to acquire 1.4 GWp renewable portfolio from ReNew for ₹4,859 crore

CESC's renewable energy platform Purvah Green Power Private Limited has entered into an agreement to acquire 100% of six companies from ReNew Solar Power Private Limited for an enterprise value of ₹4,859 crore, in a move that will significantly expand its operating renewable energy portfolio.

The acquisition by CESC—a part of the RP-Sanjiv Goenka Group—covers six project companies with a combined installed capacity of 1,411.48 MW, or about 1.4 GWp. The assets comprise solar and wind projects, with the target companies operating renewable power generation and associated project development businesses.

“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,” said RPSG Group Vice Chairman Shashwat Goenka. “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.”

The transaction is expected to be completed before October 31, 2026, and the company said no governmental or regulatory approval is required for the acquisition.

₹1,582 crore cash consideration at closing

The enterprise value of the transaction stands at ₹4,859 crore, excluding a contingent payment estimated at ₹230 crore, which will be payable only upon additional realisation of a change-in-law claim.

The cash consideration payable at closing will be ₹1,582 crore, including ₹94 crore of net current assets. This comprises ₹589 crore payable to sellers for share capital and an infusion of ₹993 crore in unsecured promoter debt, which will be used to repay existing promoter debt.

The six companies are ReNew Hans Urja, ReNew Solar Photovoltaic, ReNew Wind Energy (Karnataka 3), ReNew Wind Energy (MP Four), ReNew Wind Energy (Karnataka 4) and ReNew Agni Power. CESC will acquire 100% of each entity.

Purvah's contracted capacity to rise to 4.8 GWp

The acquisition will take Purvah Green's operational capacity to over 1.8 GWp, while its contracted and tied-up capacity will rise to more than 3 GWp, taking the total to 4.8 GWp, according to CESC.

The company said more than 90% of the acquired capacity is contracted with the Solar Energy Corporation of India (SECI) under long-term power purchase agreements, while the balance is contracted with Karnataka distribution companies. All the PPAs have a 25-year tenure.

Purvah's contracted capacity stood at around 3.4 GWp before the transaction. Following completion, this will rise to 4.8 GWp, comprising 1.8 GWp operational capacity and 3 GWp tied up at various stages of construction. The platform also has 2.2 GWh of battery capacity tied up and under implementation.

Goenka said that the deal would help move the group “from a conventional power player to a diversified energy platform” and represents an important step towards building the RPSG Group into one of India's leading renewable energy platforms.

The acquisition also accelerates Purvah's progress towards its stated ambition of building a 10 GW renewable energy platform in the coming years.