ReNew Power Group was founded by Sumant Sinha, son of former Finance Minister Yashwant Sinha. (Representational image/File)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.The acquired assets are operational 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 (PPAs), with the balance contracted with Karnataka distribution companies, it said.All PPAs have a tenure of 25 years, CESC said.Shashwat Goenka, Vice Chairman, RPSG, said: “This acquisition marks a significant acceleration of our renewable energy journey. It gives us immediate operating scale, complements our strong pipeline of contracted capacity, and meaningfully brings forward the growth of the platform.”“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,” he said.Purvah’s contracted capacity stood at approximately 3.4 GWp before the transaction. Following completion, total contracted capacity will rise to 4.8 GWp, of which 1.8 GWp will be operational and 3 GWp will be tied up at various stages of construction. Additionally, 2.2 GWh of battery capacity is tied up and under implementation, the company said.Story continues below this adThe 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, it said.“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,” it said.George Mathew is an Associate Editor with The Indian Express, based in Mumbai. A veteran of financial journalism with nearly three decades of experience, he is one of the country’s most authoritative voices on banking, regulation, and the corporate sector. Expertise & Focus Areas Mathew’s reporting covers the nerve center of India’s economy. His specialized beats include: The Reserve Bank of India (RBI): He has tracked the central bank's policy evolution through the tenures of multiple Governors, offering deep insights into monetary policy, repo rates, and banking regulation. Banking & Insurance: Extensive coverage of public and private sector banks, non-performing assets (NPAs), and key legislative reforms like the Insurance Amendment Bills. Corporate Affairs: Mathew frequently breaks major stories related to India's largest conglomerates, with a specific focus on the Tata Group, documenting boardroom shifts and strategic decisions. Financial Markets: Reporting on the complexities of Foreign Portfolio Investors (FPIs), IPOs, and currency fluctuations. Authoritativeness & Insight With a career dating back to the late 1990s, Mathew possesses a rare institutional memory of India’s financial liberalization and market crises. His work is not limited to daily news; he frequently contributes to the "Explained" section, where he decodes complex financial legislations and market trends for a broader audience. His rigorous reporting has also been featured in scholarly platforms like the Economic and Political Weekly (EPW). Find all stories by George Mathew here ... Read More Tags:Sanjiv Goenka