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RP-Sanjiv Goenka Group buys ReNew Solar Power for Rs 4,859 crore
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The Indian Express
The RP-Sanjiv Goenka Group (RPSG) on Monday announced that Purvah Green Power Pvt Ltd, the renewable energy platform of CESC Ltd, is set to acquire a 1.4 GWp operating solar portfolio from ReNew Solar Power Pvt Ltd for an enterprise value of Rs 4,859 crore.
The portfolio is held across six project special purpose vehicles in Rajasthan and Karnataka.
ReNew Power Group was founded by Sumant Sinha, son of former Finance Minister Yashwant Sinha.
The acquisition is being funded by CESC.
“The transaction is among the largest acquisitions of operating solar assets in the Indian market and marks a decisive shift in the composition of Purvah’s portfolio — from a platform built primarily on projects under development to one anchored by assets already generating contracted cash flows,” CESC said in a statement.