RPSG’s Purvah Green Power to buy ReNew’s 1.4 GWp solar portfolio for ₹4,859 crore

CESC subsidiary Purvah Green Power will acquire ReNew Solar Power’s operating solar portfolio in a deal expected to close before October 31, strengthening RPSG Group’s renewable-energy platform.

By ·Devil's-advocate pass

Source published First seen Source The Hindu BusinessLine

The development

RPSG Group’s CESC subsidiary Purvah Green Power will acquire ReNew Solar Power’s 1.4 GWp operating portfolio for an enterprise value of ₹4,859 crore, lifting Purvah’s contracted renewable capacity to 4.8 GWp.

Also reported by ET Small Business (economictimes.indiatimes.com), Business Standard · Companies (business-standard.com), Outlook Business (outlookbusiness.com), Financial Express · BrandWagon (financialexpress.com), Times of India · Business (timesofindia.indiatimes.com), Indian Express · Business (indianexpress.com)

The numbers

  • ₹4,859 crore enterprise value
  • 1.4 GWp operating solar portfolio
  • ₹1,582 crore cash consideration at closing
  • ₹589 crore share-capital payment
  • ₹993 crore unsecured promoter-debt infusion
  • 4.8 GWp contracted capacity post-acquisition
  • 1.8 GWp operational capacity post-acquisition
  • 2.2 GWh battery capacity
  • 25-year power purchase agreements

Why it matters to operators and investors

The deal gives RPSG an operational 1.4 GWp solar portfolio from ReNew and accelerates its renewable build-out ahead of the expected October 31 close.

What to watch next

  • Announcement of transaction close and final transferred operational versus contracted capacity.
  • Funding details, including incremental debt, equity infusion, refinancing terms, and rating-agency commentary.
  • Portfolio-level PPA counterparties, tariff profile, remaining contract tenor, and payment-cycle disclosures.
  • Quarterly renewable generation, capacity-utilization factor, curtailment, and EBITDA contribution after consolidation.
  • Any revision to Purvah's pipeline, further acquisition plans, or stated 2030 capacity targets.
  • Regulatory or transmission developments affecting solar dispatch in the projects' operating states.
  • Arrange acquisition financing and disclose the debt-equity mix, cost of capital, and expected impact on CESC/Purvah leverage.
  • Complete regulatory, lender, and contractual consents for the operating solar projects before the stated October 31 target.
  • Integrate project O&M, forecasting, transmission coordination, and PPA management into Purvah's operating platform.
  • Use the expanded renewable portfolio to pursue additional long-term corporate and utility offtake agreements.
  • Evaluate asset recycling, green financing, or an infrastructure-investment vehicle structure once the enlarged portfolio has stabilized cash flows.