KOLKATA: The RP-Sanjiv Goenka Group (RPSG) on Monday announced that Purvah Green Power, the renewable energy platform of CESC, will acquire a 1.4 GWp operating solar portfolio from ReNew Solar Power for an enterprise value of Rs 4,859 crore.The portfolio, spread across six project special purpose vehicles (SPVs) in Rajasthan and Karnataka, will be acquired for a cash consideration of Rs 1,582 crore. This comprises Rs 590 crore in equity and a further Rs 993 crore towards repayment of existing promoter debt.“The acquisition was funded through a combination of internal accrual and some nominal debt,” RPSG vice chairman, Shashwat Goenka said. Goenka added the group aims to build a renewable energy capacity of 10 GW over the next couple of years, for which it expects to invest around Rs 65,000 crore.The acquired portfolio comprises 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 (PPAs), while the remaining capacity is contracted with Karnataka distribution companies. All the PPAs have a tenure of 25 years. Commenting on the transaction, Goenka 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.” Purvah’s contracted capacity stood at around 3.4 GWp prior to the transaction.Following completion of the acquisition, its total contracted capacity will rise to 4.8 GWp, comprising 1.8 GWp of operational capacity and 3 GWp tied up and at various stages of construction. In addition, Purvah has 2.2 GWh of battery storage capacity tied up and under implementation, further strengthening its renewable energy and storage portfolio.
