en.Wedoany.com Reported - On August 10, Purvah Green Power, a subsidiary of Indian power utility CESC, signed a share purchase agreement with ReNew Solar Power to acquire the entire equity of six project companies, securing approximately 1.4 GWp of operational solar assets in total. The transaction enterprise value is approximately INR 48.59 billion (about USD 509 million), with completion targeted by October 31, 2026.

The transaction involves six project companies, including ReNew Hans Urja and ReNew Solar Photovoltaic. Among them, two companies hold solar assets with capacities of 810 MWp and 506.25 MWp respectively, while the remaining four companies each hold solar assets ranging from 22.9 MWp to 24.6 MWp. All projects are already operational.

The assets have established a stable power generation track record, with over 90% of the installed capacity supplying electricity to the Solar Energy Corporation of India under long-term power purchase agreements. Upon completion of the transaction, the six project companies will become indirect subsidiaries of CESC and will be integrated into Purvah Green Power's renewable energy business framework.

Under the terms of the agreement, Purvah Green Power will pay approximately INR 15.82 billion in cash at closing, and the enterprise value of INR 48.59 billion does not include contingent payments. The transaction does not require government or regulatory approvals, and asset delivery and equity transfer will proceed in accordance with the agreement.

Upon completion of the acquisition, Purvah Green Power's operational renewable energy capacity will exceed 1.8 GWp, with contracted capacity increasing to approximately 4.8 GWp, of which about 3 GW of projects are under construction; the company is also advancing approximately 2.2 GWh of battery energy storage projects.