Purvah Green Power to acquire 1.4GWp portfolio from Renew Solar

Purvah Green Power, the renewable vigor part of India-based CESC nether the RP-Sanjiv Goenka Group (RPSG), has agreed to get a 1.4GWp portfolio of operating assets from Renew Solar Power.

Valued astatine Rs48.59bn (approximately $509m astatine the speech complaint of Rs95.5 per USD), the transaction includes six peculiar intent conveyance projects located successful Rajasthan and Karnataka.

The acquisition volition beryllium funded done the genitor company.

The star portfolio being acquired consists of projects that are already successful cognition and person a show record.

Over 90% of this acquired capableness is contracted nether semipermanent powerfulness acquisition agreements (PPAs) with the Solar Energy Corporation of India (SECI), portion the remainder is nether declaration with organisation companies successful Karnataka. Each statement runs for a 25-year term.

The summation shifts Purvah Green Power's plus base, expanding the stock of revenue-generating projects and accelerating the improvement timeline for the company's renewable vigor portfolio.

RPSG vice president Shashwat Goenka said: "This acquisition marks a important acceleration of our renewable vigor journey. It gives america contiguous operating scale, complements our beardown pipeline of contracted capacity, and meaningfully brings guardant the maturation of the platform.

"We person ever believed our renewable maturation should harvester disciplined greenfield improvement with selective acquisitions wherever they accelerate worth creation, and the prime and semipermanent visibility of these assets made this a compelling opportunity."

Prior to the acquisition, Purvah Green Power's contracted capableness stood astatine astir 3.4GWp.

Following the completion of the transaction, this fig volition summation to 4.8GWp, with 1.8GWp of this full already operational and 3GWp nether varying stages of construction.

The institution besides has 2.2GWh of artillery capableness nether development.

Purvah Green Power, established successful December 2023, develops and operates large-scale solar, wind, and hybrid renewable vigor assets crossed India. It aims to physique towards a portfolio of 10GW implicit the coming years.

"Purvah Green Power to get 1.4GWp portfolio from Renew Solar" was primitively created and published by Power Technology, a GlobalData owned brand.