Purvah Green Power has announced it will acquire a 1.4 GW operating solar portfolio from ReNew Solar Power for an enterprise value of ₹48.59 billion (~$509 million).

Purvah is the renewable energy platform of Calcutta Electric Supply Corporation and part of the RP-Sanjiv Goenka Group.

The portfolio comprises six special purpose vehicles across Rajasthan and Karnataka. According to RPSG, the acquisition will be funded by Purvah Green Power’s parent company.

More than 90% of the acquired capacity is contracted with the Solar Energy Corporation of India under long-term power purchase agreements (PPAs). The remaining capacity is contracted with distribution companies in Karnataka. All the PPAs have a 25-year tenure.

Purvah Green Power had approximately 3.4 GW of contracted capacity before the transaction. Following the completion of the acquisition, its total contracted capacity will increase to 4.8 GW. Of this, 1.8 GW will be operational, while 3 GW of tied-up capacity is at various stages of construction.

The company also has 2.2 GWh of contracted battery storage capacity under implementation.

Shashwat Goenka, Cice Chairman at RPSG, said the transaction would provide Purvah Green with immediate operating capacity and complement its pipeline of contracted renewable energy projects. He added that RPSG plans to combine greenfield development with acquisitions as it expands its renewable energy portfolio.

The acquisition is part of RPSG’s plan to establish a 10 GW renewable energy platform over the next few years.

Purvah Green Power develops and operates utility-scale solar, wind, and hybrid renewable energy projects in India.

CESC is an integrated power utility with operations across electricity generation, transmission, and distribution.

Purvah was among the winners of CESC’s auction to develop 600 MW of interstate transmission system (ISTS)-connected wind-solar hybrid projects under a build-own-operate model.

The company was also among the winners of the Solar Energy Corporation of India’s auction to set up 2,000 MW ISTS-connected solar projects, along with 1,000 MW/4,000 MWh energy storage systems.