The RP-Sanjiv Goenka Group (RPSG) said on Monday that Purvah Green Power is set to acquire a 1.4 gigawatt peak (GWp) operating solar portfolio from ReNew Solar Power for an enterprise value of ₹4,859 crore ($509 million).
The asset is held across six project special purpose vehicles in Rajasthan and Karnataka and the acquisition has been funded by the parent company. Purvah Green Power is the renewable energy platform of , which is part of the RP-Sanjiv Goenka Group.
The transaction is among the largest acquisitions of operating solar assets in the Indian market and marks a decisive shift in the composition of Purvah’s portfolio – from a platform built primarily on projects under development to one anchored by assets already generating contracted cash flows, RPSG said.
The acquired assets are operating projects with an established generation track record. 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.
Shashwat Goenka, Vice-Chairman of RPSG, said: “This acquisition gives us immediate operating scale, complements our strong pipeline of contracted capacity, and meaningfully brings forward the growth of the platform. We have always believed our renewable growth should combine disciplined greenfield development with selective acquisitions where they accelerate value creation, and the quality and long-term visibility of these assets made this a compelling opportunity.”
Purvah’s contracted capacity stood at approximately 3.4 GWp prior to the transaction. Following completion, total contracted capacity rises to 4.8GWp, of which 1.8 GWp is operational and 3 GWp is tied-up, at various stages of construction.
Additionally, 2.2 Gwh battery capacity is also tied-up and under implementation. The acquisition substantially increases the proportion of the portfolio that is already generating revenue and strengthening recurring cash flows well ahead of the commissioning schedule for the under-construction pipeline.
The acquisition also materially accelerates progress towards the group’s immediate stated ambition of building a 10 GW renewable energy platform in the next few years.