CESC Limited Signs ₹4,859 Crore Deal for 1.4 GWp Solar Assets

CESC Limited has signed an agreement through Purvah Green Power Private Limited to acquire a 1.4 GWp operating renewable portfolio from ReNew Solar Power for an enterprise value of ₹4,859 crore. The transaction would raise Purvah Green Power's contracted renewable capacity to 4.8 GWp, including 1.8 GWp of operating capacity after completion.

What has CESC agreed to acquire from ReNew?

CESC Limited has entered into a Share Purchase Agreement through its renewable platform, Purvah Green Power Private Limited, to acquire 100% of the share capital of six renewable power companies from ReNew Solar Power Private Limited. The target companies hold an operating portfolio with a stated capacity of 1,411.48 MWp across Rajasthan and Karnataka.

The reported enterprise value of the transaction is ₹4,859 crore. Cash consideration payable at closing is stated at ₹1,582 crore. The acquisition is expected to be funded by parent CESC, according to the information provided on the transaction.

The six project special purpose vehicles include ReNew Hans Urja Private Limited, ReNew Solar Photovoltaic Private Limited, ReNew Wind Energy (Karnataka 3) Private Limited, ReNew Wind Energy (MP Four) Private Limited, ReNew Wind Energy (Karnataka 4) Private Limited and ReNew Agni Power Private Limited. The portfolio has been described as an operating solar portfolio in transaction announcements, while the target-company list also includes entities with wind energy in their names.

More than 90% of the acquired capacity is contracted under 25-year power purchase agreements with the Solar Energy Corporation of India, or SECI. The balance is contracted with Karnataka distribution companies. These contracted offtake arrangements are a central feature of the transaction because they provide identified counterparties for most of the portfolio's power sales.

When is the renewable portfolio transaction expected to close?

The Share Purchase Agreement is scheduled to be completed before October 31, 2026, subject to the conditions set out in the agreement. The available information states that the deal does not require governmental or regulatory approvals.

The announcement was made on August 10, 2026, by the RP-Sanjiv Goenka Group. Purvah Green Power is CESC's renewable energy platform within the group. CESC's ownership in Purvah Green Power had increased over the preceding period, reaching 96.14% on July 10, 2026, according to the details provided.

Completion would transfer ownership of the six project companies to Purvah Green Power. As this is a share acquisition, the project companies and their underlying operating assets would be acquired together with their existing contractual arrangements.

How does the deal change CESC's renewable capacity?

The acquisition is expected to increase Purvah Green Power's total contracted renewable capacity from about 3.4 GWp to 4.8 GWp. Following completion, 1.8 GWp of that contracted capacity is expected to be operational, while 3 GWp is described as tied up and at various stages of construction.

The addition is significant against CESC's stated plan to build a 10 GW renewable platform by 2030. The company has also referred to a 10 GW target by FY28 in material describing its renewable strategy. Its September 2026 investor presentation cited a planned investment of ₹6,000 crore and 4.8 GWp of contractual renewable capacity already secured.

CESC has separately received a letter of award for a 175 MW wind project with SECI at a tariff of ₹3.85 per kWh. That award adds to the company's identified renewable pipeline, although it is separate from the ReNew portfolio acquisition and has different project and contractual details.

Shashwat Goenka, vice chairman of RPSG, said the acquisition would accelerate Purvah Green Power's journey towards 10 GW of renewable capacity in the coming years. The announced transaction therefore combines operating capacity with CESC's wider plan to expand its renewable platform.

Why do the power purchase agreements matter for this acquisition?

The long-term power purchase agreements matter because more than 90% of the acquired capacity is contracted with SECI for 25 years. Such agreements set out the buyer and term for electricity supply, rather than leaving the bulk of the portfolio dependent on short-term power sales.

The remaining capacity is contracted with Karnataka distribution companies. The presence of both central-agency and state-distribution counterparties reflects the portfolio's existing project and offtake structure across its operating locations.

For CESC, the deal adds operating projects rather than only future development opportunities. It also expands Purvah Green Power's contracted base at a time when the company is pursuing capacity growth through a mix of acquisitions, project development and new awards.

The transaction is structured at an enterprise value of ₹4,859 crore, while the stated cash consideration on closing is ₹1,582 crore. These are different measures: enterprise value describes the stated value of the transaction, while the disclosed closing cash consideration identifies the amount to be paid at closing.

What does the acquisition mean for CESC's renewable strategy?

The acquisition gives CESC a larger operating and contracted renewable platform, moving Purvah Green Power closer to its stated 10 GW objective. At 4.8 GWp of contracted capacity after completion, the platform would be just under half of the 10 GW target cited by the company.

The transaction also brings a portfolio spread across Rajasthan and Karnataka into Purvah Green Power. Rajasthan has been a major location for utility-scale renewable projects, while the Karnataka contracts provide a separate state distribution-company exposure within the acquired assets.

The immediate operational effect depends on completion before the stated October 31, 2026 deadline. Investors will be able to assess the transaction through updates on closing, integration of the six project companies, the operating performance of the acquired assets and progress in bringing the remaining tied-up capacity into operation.

Conclusion

CESC's agreement to acquire the 1.4 GWp portfolio is a substantial addition to Purvah Green Power's renewable base, taking its stated contracted capacity to 4.8 GWp. The ₹4,859 crore enterprise-value transaction combines operating assets in Rajasthan and Karnataka with long-term contracts covering more than 90% of the acquired capacity.

The next disclosed milestone is completion before October 31, 2026. Market participants will also watch CESC's execution against its ₹6,000 crore investment plan, the 175 MW SECI wind project award and its stated goal of reaching 10 GW of renewable capacity by 2030.