Purvah Green Power Private Limited has signed an agreement to acquire a 1.4 GWp operating solar portfolio from ReNew Solar Power Private Limited, a subsidiary of ReNew, for an enterprise value of Rs 48.59 billion. The portfolio comprises six project special purpose vehicles (SPVs) located in Rajasthan and Karnataka. More than 90 per cent of the capacity is contracted with the Solar Energy Corporation of India, while the remaining capacity is contracted with Karnataka distribution companies.
The six SPVs, along with their respective installed capacity and acquisition cost, are ReNew Hans Urja Private Limited (810 MWp, Rs 1,379 million); ReNew Solar Photovoltaic Private Limited (506.25 MWp, Rs 1,184 million); ReNew Wind Energy (Karnataka 3) Private Limited (24.55 MWp, Rs 792 million); ReNew Wind Energy (MP Four) Private Limited (24.60 MWp, Rs 711 million); ReNew Wind Energy (Karnataka 4) Private Limited (22.90 MWp, Rs 867 million); and ReNew Agni Power Private Limited (23.18 MWp, Rs 955 million).
The acquisition has been funded by the parent company of Purvah Green, CESC Limited. Following the acquisition, Purvah Green’s contracted renewable energy capacity will increase from around 3.4 GWp to 4.8 GWp. Of this, 1.8 GWp will be operational, while 3 GWp will be tied up and at various stages of construction. The company also has 2.2 GWh of battery capacity under implementation.