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CESC’s renewable energy platform Purvah Green Power will acquire a 1.4 GW operational solar portfolio from ReNew Solar Power for INR 48.59 billion (USD 510.1 million). The portfolio includes six operating projects spread across Rajasthan and Karnataka, with more than 90% of the capacity tied to long-term power purchase agreements with the state-run Solar Energy Corporation of India (SECI). The acquisition is expected to close before October 31 and will take Purvah’s contracted renewable energy capacity to 4.8 GW. The transaction is also part of CESC’s plan to build a 10 GW renewable energy platform.
CESC’s renewable energy platform Purvah Green Power will acquire a 1.4 GW operational solar portfolio from ReNew Solar Power for INR 48.59 billion (USD 510.1 million). The transaction is expected to close before October 31 and will be funded by CESC, according to the company.
The acquisition will add six operating solar projects located across Rajasthan and Karnataka to Purvah’s portfolio. More than 90% of the capacity is contracted with the state-run Solar Energy Corporation of India (SECI) through long-term power purchase agreements. The contracted structure provides visibility over the sale of power generated by the projects.
Following completion of the transaction, Purvah Green Power’s contracted renewable energy capacity will rise to 4.8 GW. This will comprise 1.8 GW of operational capacity and another 3 GW currently under construction.
The acquisition is part of the group’s broader plan to build a 10 GW renewable energy platform over the next few years. CESC had outlined a growth vision for Purvah that targets 3.2 GW of renewable capacity by FY29 and 10 GW by FY32. Its plans cover solar, wind and hybrid renewable energy projects.
Purvah Green Power was incorporated in 2023 and develops and operates solar, wind and hybrid renewable energy projects across India. CESC has been expanding the renewable business through both project development and acquisitions. In 2024, Purvah entered into an agreement to acquire the entire share capital of Deshraj Solar Energy, adding another solar asset to its portfolio.
The company has also been building its renewable project pipeline through new power agreements. A Purvah subsidiary signed a 25-year power purchase agreement with CESC in 2025 for 300 MW of wind-solar hybrid capacity, following a competitive bidding process.
For ReNew, the transaction comes as the company continues to operate a large renewable energy portfolio while also recycling capital through asset sales. ReNew commissioned about 2.4 GW of renewable capacity during FY2026, including 1.75 GW of solar and 0.62 GW of wind capacity. Its operating portfolio stood at about 12.6 GW after adjusting for 600 MW of assets sold during the year, while its gross portfolio was around 20 GW.
CESC is the flagship power utility of the RP-Sanjiv Goenka Group and serves around 4.4 million consumers through its power distribution businesses. The acquisition therefore expands the company’s presence beyond its conventional power and distribution operations and strengthens its renewable energy portfolio.
Source Reuters
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