Purvah Green Power of the RPSG Group Will Purchase a 1.4 GWp Operating Solar Portfolio From Renew Solar Power for INR 4859 Crore

News Desk, News Nation 360: Purvah Green Power Private Limited, which is a unit of renewable energy platform CESC Limited and part of the RP-Sanjiv Goenka Group (RPSG), has agreed to acquire a 1.4 GWp operating solar portfolio from ReNew Solar Power. The deal involves 6 project special purpose vehicles in Rajasthan and Karnataka for 4,859 crore (509 million USD), and will be entirely funded by its parent CESC. The acquisition will propel Purvah’s total contracted capacity to 3.4 GWp, making it one of the largest solar energy developers in the country. With 1.8 GWp of operating capacity, 3 GWp of under-construction, and 2.2 GWh of backed-up battery storage contracts, the portfolio of the company will generate over 90% revenue through 25-year Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI). The remaining solar capacity will be sold to distribution companies in Karnataka. RPSG’s Vice Chairman Shashwat Goenka stated that the acquisition of “a significant quantum of assets that will ramp up the cash flow in the very near future” is a big step toward the group’s transformation into a diversified energy major, as it aims to scale the renewable energy capacity to 10 GW in the near future.

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