Enterprise Value: ₹4,859 crore, excluding an estimated contingent payment of ₹230 crore that is payable only upon additional realization of change-in-law claims.
₹4,859 crore, excluding an estimated contingent payment of ₹230 crore that is payable only upon additional realization of change-in-law claims.
Purvah Green Power Pvt.
Ltd. (PGPPL), the renewable energy platform and subsidiary of CESC Ltd., has entered into a Share Purchase Agreement (SPA) to acquire a 100% equity stake in six operating renewable power target companies from ReNew Solar Power Pvt.
Ltd.: 810 MW- ReNew Solar Photovoltaic Pvt.
Enterprise Value: ₹4,859 crore, excluding an estimated contingent payment of ₹230 crore that is payable only upon additional realization of change-in-law claims.
₹4,859 crore, excluding an estimated contingent payment of ₹230 crore that is payable only upon additional realization of change-in-law claims.
₹1,582 crore payable at closing, which includes ₹94 crore of net current assets and excludes contingent payments.
₹589 crore paid to the seller for share capital.
₹993 crore infused as unsecured promoter debt to be utilized toward repaying existing promoter debt.
The deal requires no governmental or regulatory approvals and is scheduled for completion before October 31, 2026.
Purvah Green Power Pvt. Ltd. (PGPPL), the renewable energy platform and subsidiary of CESC Ltd., has entered into a Share Purchase Agreement (SPA) to acquire a 100% equity stake in six operating renewable power target companies from ReNew Solar Power Pvt. Ltd.. The transaction values the portfolio at an Enterprise Value of ₹4,859 crore (approximately $509 million at an exchange rate of ₹95.5/$).The acquisition stands as one of the largest deals for operating solar assets in the Indian power sector, transforming Purvah from a development-focused platform into a scaled operator backed by existing cash-generating assets. Upon completion of the share purchase, all six target companies will become step-down subsidiaries of CESC Ltd.- ReNew Hans Urja Pvt. Ltd.: 810 MW- ReNew Solar Photovoltaic Pvt. Ltd.: 506.25MW- ReNew Wind Energy (Karnataka 3): 24.55MW- ReNew Wind Energy (MP Four): 24.60 MW- ReNew Wind Energy (Karnataka 4): 22.90MW- ReNew Agni Power Private: 23.18 MWOver 90% of the acquired operating capacity is tied up under 25-year long-term Power Purchase Agreements (PPAs) with the Solar Energy Corporation of India (SECI), with the remaining capacity contracted with distribution companies in Karnataka.Prior to this transaction, Purvah Green Power maintained a contracted capacity of approximately 3.4 GWp. Post-acquisition, total contracted capacity rises to 4.8 GWp."For a Group with a long heritage in the power sector, this marks our move from a conventional power player to a diversified energy platform, and an important step towards building RPSG into one of India's leading renewable energy platforms," Shashwat Goenka, Vice Chairman of RPSG said.Shares of CESC are off the highs of the day, currently trading at the flat line at ₹164.22. The stock has remained subdued through the year, down 1.7% so far year-to-date and has remained at the same level over the last one month as well.
