The RP-Sanjiv Goenka Group (RPSG) has agreed to take over 1.4 GW operating solar portfolio from ReNew Solar Power for an enterprise value of Rs4,859 crore.
In a statement Monday, the group said the acquisition will be carried out through Purvah Green Power, the renewable energy platform of CESC, and the assets being acquired are held across six projects in Rajasthan and Karnataka, and have an enterprise value of Rs4,859 crore.
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, the statement added.
Shashwat Goenka, group vice chairman, said the acquisition marks a significant acceleration of the group’s renewable energy journey as it gives an immediate operating scale, complementing strong pipeline of contracted capacity.
For a group with a long heritage in the power sector, this marks a 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, he added.
Purvah has a contracted capacity of around 3.4 GW, prior to the transaction. Following completion, total contracted capacity rises to 4.8 GW, of which 1.8 GW is operational and 3 GW is tied-up, at various stages of construction. Additionally, 2.2 GW battery capacity is also tied-up and under implementation.
Purvah Green Power is the renewable energy platform of CESC, which is a part of the RP-Sanjiv Goenka Group. Purvah develops and operates utility-scale solar, wind and hybrid renewable energy assets, and is building towards a 10 GW portfolio.
CESC is the flagship power utility of the RP Group and the country’s first fully integrated electrical utility with private participation across generation, transmission and distribution. CESC along with its subsidiaries serves around 4.4 million consumers and operates distribution businesses across Bengal, Greater Noida, Rajasthan (Bharatpur, Bikaner and Kota), Maharashtra (Malegaon) and Chandigarh.
In FY26, CESC reported consolidated revenue of Rs 18,570 crore, and net profit of Rs 1,618 crore.