ReNew Energy Global said on 10 August that it had agreed to sell six operating solar project companies in Rajasthan and Karnataka to Purvah Green Power, the renewable energy arm of CESC, at an enterprise value of about INR 50.8bn including a contingent earn-out.
Why Purvah Green Power (CESC Limited, RP-Sanjiv Goenka Group) is buying ReNew solar portfolio (six project SPVs, 1.4GWp)
RPSG said the purchase shifts Purvah from a platform built mainly on projects under development to one anchored by operating assets with contracted cash flows, and lifts its contracted renewable capacity to 4.8GWp, of which 1.8GWp is operational.
“For a Group with a long heritage in the power sector, this marks our move from a conventional power player to a diversified energy platform”
Deal terms and financing
Purvah valued the portfolio at INR 4,859 crore, excluding about INR 230 crore payable only on realisation of a change-in-law claim. ReNew reported the deal at INR 50.8bn (US$532m) including that amount, with about INR 18.1bn of cash inflow after debt. The acquisition is funded by CESC.
Regulatory approvals and timing
Purvah said no government or regulatory approval was required and that closing was expected before 31 October 2026.
Market context
The two Rajasthan plants were commissioned in 2024 and 2025 with SECI tariffs of INR 2.18 a unit; the four Karnataka projects date from 2017 and sell to state distribution companies at INR 4.76 to 4.86 a unit.
