Purvah Green Power, a subsidiary of CESC and part of the RP-Sanjiv Goenka Group (RPSG), has agreed to acquire six special purpose vehicles (SPVs) holding a combined 1.4GW of operational renewable energy capacity from ReNew Solar Power.
Purvah will acquire 100% of the share capital of ReNew Hans Urja, ReNew Solar Photovoltaic, ReNew Wind Energy (Karnataka 3), ReNew Wind Energy (MP Four), ReNew Wind Energy (Karnataka 4) and ReNew Agni Power under a share purchase agreement signed on 10 August.
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The portfolio has a total installed capacity of 1,411.48MW, comprising 810MW held by ReNew Hans Urja, 506.25MW by ReNew Solar Photovoltaic and a combined 94.23MW across the four remaining companies.
The deal is valued at INR48.59 billion (US$509 million), excluding a contingent payment estimated at INR2.3 billion linked to additional realisation of change-in-law claims. Purvah will pay INR15.82 billion in cash at closing, subject to adjustments under the agreement.
Shashwat Goenka, vice chairman, RPSG, 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.”
The transaction is expected to close by 31 October 2026, subject to the agreed conditions.
Following completion, Purvah’s contracted renewable capacity will increase to 4.8GW, including 1.8GW of operational capacity and 3GW under construction.
The firm was established in 2023 to develop and operate utility-scale solar, wind and hybrid projects across India, targeting a 10GW portfolio. This week, Purvah secured 70MW at INR 5.25/kWh in SECI’s 1GW Round-the-Clock Thermal Mimic (RTC-TM) tender, which awarded the full capacity to seven bidders at tariffs of INR 5.25-5.26/kWh.
