CESC’s subsidiary -- Purvah Green Power is set to acquire a 1.4 GWp operating solar portfolio from Renew Solar Power, held across six project special purpose vehicles in Rajasthan and Karnataka, at an enterprise value of Rs 4859 crore ($509 million at Rs 95.5/USD). The acquisition has been funded by the parent company.
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 Green Power's portfolio – from a platform built primarily on projects under development to one anchored by assets already generating contracted cash flows. The acquired assets are operating projects with an established generation track record. More than 90% of the capacity is contracted with the Solar Energy Corporation of India (SECI) under long-term power purchase agreements, with the balance contracted with Karnataka distribution companies. All PPAs are over a 25-year tenure.
Purvah Green Power's contracted capacity stood at approximately 3.4 GWp prior to the transaction. Following completion, total contracted capacity rises to 4.8 GWp, of which 1.8 GWp is operational and 3 GWp is tied-up, at various stages of construction. Additionally, 2.2 Gwh battery capacity is also tied-up and under implementation. The acquisition substantially increases the proportion of the portfolio that is already generating revenue and strengthening recurring cash flows well ahead of the commissioning schedule for the under-construction pipeline. The acquisition also materially accelerates progress towards the group's immediate stated ambition of building a 10 GW renewable energy platform in the next few years.
CESC is engaged in power generation and distribution in state of West Bengal.
| Company Name | CMP |
|---|---|
| NTPC | 337.65 |
| Tata Power | 376.40 |
| Power Grid Corpn. | 266.65 |
| Adani Power | 207.50 |
| Torrent Power | 1321.30 |
| View more.. | |
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