RPSG Group’s renewable energy platform, Purvah Green Power, is set to acquire a 1.4 GWp operating solar portfolio from ReNew Solar Power for an enterprise value of ₹4,859 crore (approximately US$509 million).
The portfolio comprises six special purpose vehicles (SPVs) holding operating solar projects across Rajasthan and Karnataka. The acquisition is being funded by the parent company and represents one of the larger acquisitions of operating solar assets in India.
More than 90% of the acquired capacity is contracted with the Solar Energy Corporation of India (SECI) under long-term power purchase agreements, while the remaining capacity is contracted with Karnataka distribution companies. The PPAs have tenures of up to 25 years.
Following completion, Purvah Green’s contracted renewable energy capacity is expected to rise from approximately 3.4 GWp to 4.8 GWp, including 1.8 GWp of operational capacity and around 3 GWp at various stages of construction/tie-up.
The company also has a 2.2 GWh battery energy storage capacity tied up and under implementation. The acquisition is expected to strengthen Purvah Green’s recurring cash-flow profile and accelerate RPSG Group’s ambition to build a 10 GW renewable energy platform over the next few years.
Key Highlights
- Acquisition: 1.4 GWp operating solar portfolio
- Acquirer: Purvah Green Power, RPSG Group
- Seller: ReNew Solar Power
- Enterprise Value: ₹4,859 crore (~US$509 million)
- Project Locations: Rajasthan & Karnataka
- SECI Contracted Capacity: Over 90%
- PPA Tenure: Up to 25 years
- Purvah’s Contracted Capacity: 3.4 GWp → 4.8 GWp
- Operational Capacity after transaction: 1.8 GWp
- Battery Storage: 2.2 GWh tied up/under implementation
- RPSG Target: 10 GW renewable energy platform
