The portfolio comprises six project special purpose vehicles spread across Rajasthan and Karnataka. The acquisition has been funded by Purvah’s parent company, CESC.
More than 90% of the acquired capacity is contracted with the Solar Energy Corporation of India (SECI) under 25-year power purchase agreements, while the remaining capacity is contracted with Karnataka distribution companies.
The acquisition will increase Purvah’s contracted renewable capacity to 4.8 GWp from about 3.4 GWp. Of the total, 1.8 GWp will be operational, while 3 GWp is tied up and at various stages of construction. The company also has 2.2 GWh of battery storage capacity tied up and under implementation.
The transaction will shift Purvah’s portfolio towards operating assets that are already generating revenue and contracted cash flows, while complementing its under-construction renewable pipeline.
“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,” said Shashwat Goenka, vice-chairman, RPSG.
He said the transaction marked the group’s move from a conventional power player towards a diversified energy platform.
The acquisition also brings Purvah closer to RPSG’s stated target of building a 10 GW renewable energy platform over the next few years.