3 weeks ago
RPSG Subsidiary Purvah To Acquire ReNew's 1.4 GW Solar Portfolio
A big Indian company called the RP-Sanjiv Goenka Group is buying a very large group of solar farms.
Solar farms make electricity from sunlight.
The solar farms can make 1.4 gigawatts of power, which is a huge amount.
The deal costs Rs 4,859 crore.
The solar farms are in two states in India called Rajasthan and Karnataka.
For the next 25 years, the electricity from these farms will be sold to big buyers.
Most of it goes to the Solar Energy Corporation of India.
After the buying is done, the company's renewable energy business will have 4.8 gigawatts of power.
It is also building big batteries to store energy for later.
The company's vice chairman says this is a big step toward becoming a clean energy company.
Purvah Green Power, the renewable energy platform of CESC Limited, will acquire a 1.4 GWp operating solar portfolio from Renew Solar Power Private Limited.
The acquisition is priced at an enterprise value of Rs 4,859 crore and is funded by the parent company, RPSG.
The portfolio, held across six special purpose vehicles in Rajasthan and Karnataka, is among the largest acquisitions of solar assets in the Indian market.
Over 90 per cent of the capacity is contracted with the Solar Energy Corporation of India, with the balance contracted with Karnataka distribution companies, all under 25-year PPAs.
Post-acquisition, Purvah's contracted capacity will rise to 4.8 GWp, with 2.2 GWh of battery capacity tied up, supporting RPSG's goal of a 10 GW renewable platform.
- Who
- Purvah Green Power Private Limited, the renewable energy platform of CESC Limited (part of the RP-Sanjiv Goenka Group), is acquiring the solar portfolio from Renew Solar Power Private Limited; RPSG vice chairman Shashwat Goenka commented on the deal.
- What
- Acquisition of a 1.4 GWp operating solar portfolio across six special purpose vehicles at an enterprise value of Rs 4,859 crore.
- Where
- The solar portfolio is located in Rajasthan and Karnataka, India.
- When
- The announcement was made on Monday.
- Why
- To advance RPSG's move from a conventional power player to a diversified energy platform and build toward a 10 GW renewable energy platform.
Key facts
- Acquirer
- Purvah Green Power Private Limited (renewable platform of CESC Limited / RPSG Group)
- Seller
- Renew Solar Power Private Limited
- Deal value
- Rs 4,859 crore (enterprise value)
- Acquired capacity
- 1.4 GWp operating solar portfolio
- Portfolio location
- Six SPVs in Rajasthan and Karnataka
- PPA details
- Over 90% with Solar Energy Corporation of India; balance with Karnataka discoms; 25-year tenure
- Post-deal contracted capacity
- 4.8 GWp (1.8 GWp operational, 3 GWp under construction)
- Battery capacity
- 2.2 GWh tied up and under implementation
Quotes
Shashwat Goenka
Vice chairman of the RP‑Sanjiv Goenka Group
“"This marks our move from a conventional power player to a diversified energy platform."”
m.rediff.com
