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NewsDeals

Purvah Green Power to buy 1.4GWp solar portfolio from Renew Solar Power for Rs48.59bn

A Rs48.59bn deal is in focus for Purvah Green Power, the renewable energy arm of CESC under India's RP-Sanjiv Goenka Group. The transaction, valued at roughly $509m at the Rs95.5 per dollar rate stated by the company, covers six special purpose vehicle projects across Rajasthan and Karnataka, acquired from Renew Solar Power. Completion lifts the platform's contracted capacity from 3.4GWp to 4.8GWp, with formal closing the next confirmable milestone.

By Desmond ChoiNewsroomAugust 12, 20262 min read
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Key takeaways

  • Purvah Green Power, the renewable arm of CESC under India's RP-Sanjiv Goenka Group, is buying a 1.4GWp solar portfolio from Renew Solar Power for Rs48.59bn (about $509m at Rs95.5 per dollar).
  • The deal covers six operational special purpose vehicle projects across Rajasthan and Karnataka, with over 90% of capacity under 25-year power purchase agreements with the Solar Energy Corporation of India.
  • Completion raises Purvah's contracted capacity from 3.4GWp to 4.8GWp, of which 1.8GWp is generating revenue and 3GWp is under construction.
  • The parent company is funding the purchase and no external debt structure for the transaction was disclosed.
  • Purvah, established in December 2023, has a longer-term target of 10GW across solar, wind, and hybrid assets in India.

A Rs48.59bn deal is in focus for Purvah Green Power, the renewable energy arm of CESC under India's RP-Sanjiv Goenka Group. The transaction, valued at roughly $509m at the Rs95.5 per dollar rate stated by the company, covers six special purpose vehicle projects across Rajasthan and Karnataka, acquired from Renew Solar Power. Completion lifts the platform's contracted capacity from 3.4GWp to 4.8GWp, with formal closing the next confirmable milestone.

The asset package

All six projects are already in operation. Over 90% of the 1.4GWp combined capacity runs under long-term power purchase agreements with the Solar Energy Corporation of India; the remainder holds contracts with distribution companies in Karnataka. Every agreement carries a 25-year term, which anchors the revenue line well beyond typical development-stage risk. The parent company is funding the purchase. No external debt structure for the transaction was disclosed.

Portfolio position after closing

Purvah Green Power was established in December 2023. Heading into this deal, its contracted capacity stood at roughly 3.4GWp. The 1.4GWp addition lifts that figure to 4.8GWp across the combined platform, of which 1.8GWp is already generating revenue and 3GWp sits at various stages of construction. The company also carries 2.2GWh of battery storage capacity in development.

Shashwat Goenka, vice chairman of RPSG, said in a statement that the acquisition delivers immediate operating scale and complements the group's existing pipeline of contracted capacity. He described the quality and long-term visibility of the assets as a deciding factor, and said the group has sought to combine disciplined greenfield development with selective acquisitions where they accelerate value creation. Purvah has stated a longer-term target of 10GW across solar, wind, and hybrid assets in India.

What to watch

The cross-border pricing is worth holding. The deal was denominated in rupees at Rs48.59bn, with the dollar equivalent put at $509m using a Rs95.5 rate. Any movement in that exchange rate before formal closing affects the real-dollar cost for international observers tracking RPSG's capital deployment pace.

Six SPV structures across two states carry their own regulatory sequence before the books close. Purvah's 3GWp under construction and the 2.2GWh battery pipeline represent the next set of data points on where the platform's operational ratio moves.

About this story

Filed by the newsroom of MarketPR on August 12, 2026. Source: finance.yahoo.com. Indicative figures are not investment advice.

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Frequently asked

How much is Purvah Green Power paying and for what?

It is paying Rs48.59bn (roughly $509m at a Rs95.5 per dollar rate) for a 1.4GWp portfolio of six operational solar SPV projects in Rajasthan and Karnataka acquired from Renew Solar Power.

Who are the offtakers for the acquired projects?

Over 90% of the 1.4GWp capacity runs under long-term agreements with the Solar Energy Corporation of India, while the remainder holds contracts with distribution companies in Karnataka, all on 25-year terms.

How does the deal change Purvah's capacity?

It lifts contracted capacity from about 3.4GWp to 4.8GWp, comprising 1.8GWp already generating revenue and 3GWp under construction, alongside 2.2GWh of battery storage in development.

How is the acquisition being financed?

The parent company is funding the purchase, and no external debt structure for the transaction was disclosed.

What should observers watch before the deal closes?

Movements in the Rs95.5 exchange rate affect the real-dollar cost, and the six SPV structures across two states must clear their own regulatory sequence before formal closing.