India’s CESC said on Aug. 10 that its renewable energy platform, Purvah Green Power, will acquire a 1.4-gigawatt operational solar portfolio from ReNew Solar Power for 48.59 billion rupees, or about $510.1 million.
The transaction is expected to close before Oct. 31 and will be funded by CESC’s parent company. The acquisition is intended to accelerate the group’s plan to build a 10-gigawatt renewable energy platform over the next few years.
The portfolio includes six operating solar projects located in the Indian states of Rajasthan and Karnataka. More than 90% of the capacity is contracted to the state-run Solar Energy Corp of India under long-term power purchase agreements.
After the acquisition, Purvah’s contracted renewable energy capacity will rise to 4.8 gigawatts, including 1.8 gigawatts of operational capacity and 3 gigawatts under construction.
CESC is the flagship power utility of the RP-Sanjiv Goenka Group and serves about 4.4 million consumers through its power distribution businesses.
Purvah Green Power, incorporated in 2023, develops and operates solar, wind and hybrid renewable energy projects across India.
