INDIA —Purvah Green Power, the renewable energy unit of Indian power utility CESC, has signed a share purchase agreement to acquire a 100 percent equity stake in six operating solar power entities from ReNew Solar Power for an enterprise value of INR 48.59 billion. The deal includes an upfront closing payout of INR 15.82 billion, comprising INR 5.89 billion for equity capital and INR 9.93 billion in promoter debt infusion to settle existing liabilities, alongside an additional contingent consideration of up to INR 2.30 billion linked to change-in-law claims. Expected to close before late October 2026 without requiring regulatory approvals, the transaction will turn all target entities into step-down subsidiaries of CESC.
This strategic transaction elevates Purvah Green Power's contracted operating capacity from 3.4 GWp to 4.8 GWp, shifting its profile from a development-focused platform into a scaled operating platform backed by immediate cash-generating assets. Over 90 percent of the acquired capacity spanning major assets like ReNew Hans Urja (810 MW) and ReNew Solar Photovoltaic (506.25 MW), alongside smaller assets in Karnataka and Madhya Pradesh is anchored under 25-year long-term power purchase agreements with the Solar Energy Corporation of India, with the remainder tied to state distribution companies.
Founded in 1899 and part of the RP-Sanjiv Goenka Group, CESC is a major Indian power utility that operates integrated generation and distribution networks. The acquisition highlights a broader structural consolidation in India's clean energy landscape, where established utility majors are buying operational, revenue-generating solar portfolios to satisfy aggressive decarbonization targets and secure long-term yield. By integrating de-risked assets backed by sovereign-linked counterparties, power producers are effectively scaling up their balance sheets while diversifying away from thermal power generation.
