India's CESC (CESC.NS), opens new tab said on Monday its renewable energy platform Purvah Green Power will buy a 1.4-gigawatt operational solar portfolio from ReNew Solar Power for 48.59 billion rupees ($510.1 million). The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. The transaction, expected to close before October 31, will be funded by the parent company, and will accelerate the group's plan to build a 10 GW renewable energy platform over the next few years.
The portfolio being bought comprises six operating projects across Rajasthan and Karnataka states, with more than 90% of the capacity contracted to state-run Solar Energy Corp of India under long-term power purchase agreements. Following the acquisition, Purvah's contracted renewable energy capacity will increase to 4.8 GW, including 1.8 GW of operational capacity and 3 GW under construction.
CESC is the flagship power utility of the RP-Sanjiv Goenka Group and serves about 4.4 million consumers through its power distribution businesses. Incorporated in 2023, Purvah develops and operates solar, wind and hybrid renewable energy projects across India.
