Purvah Green Powers Up: $509M Deal Fuels 10 GW Solar Ambition

Purvah Green Power, part of the RP-Sanjiv Goenka Group, has agreed to purchase 1.4 GWp of operational solar assets from ReNew for ₹4,859 crore, approximately $509 million. This acquisition is a major step towards the group's objective of building a 10 GW renewable energy portfolio by 2032. The deal involves Purvah Green wholly acquiring six special purpose vehicles holding these assets across Rajasthan and Karnataka.

Shashwat Goenka, vice-chairman of RPSG Group, stated that the transaction will significantly boost the group's operational scale and pipeline of contracted capacity. Purvah Green plans to invest approximately ₹65,000 crore in its 10 GW renewable energy target, utilizing a combination of greenfield projects and acquisitions.

The acquired portfolio consists of six SPVs with capacities ranging from 22.90 MW to 810 MW. Crucially, over 90% of this capacity is already contracted with the Solar Energy Corporation of India (SECI) through 25-year power purchase agreements (PPAs). The remaining capacity is supplied to Karnataka's power distribution companies under similar long-term agreements.

Purvah Green's total contracted capacity will rise to 4.8 GWp post-acquisition, comprising 1.8 GWp operational and 3 GWp under construction. The deal, financed through cash accruals and debt, is expected to close by October 31, 2026, though an earlier completion is possible. No government or regulatory approvals are required.