India's CESC unit to acquire renewable assets from ReNew Solar for $510 million
India's CESC unit to acquire renewable assets from ReNew Solar for $510 million Aug 10 (Reuters) - India's CESC CESC.NS said on Monday its renewable energy platform Purvah Green Power will buy a 1.4-gigawatt operational solar portfolio from ReNew Solar Power for 48.59 billion rupees ($510.1 million).
Here are some more details:
The transaction, expected to close before October 31, will be funded by the parent company, and will accelerate the group's plan to build a 10 GW renewable energy platform over the next few years.
The portfolio being bought comprises six operating projects across Rajasthan and Karnataka states, with more than 90% of the capacity contracted to state-run Solar Energy Corp of India under long-term power purchase agreements.
Following the acquisition, Purvah's contracted renewable energy capacity will increase to 4.8 GW, including 1.8 GW of operational capacity and 3 GW under construction.
CESC is the flagship power utility of the RP-Sanjiv Goenka Group and serves about 4.4 million consumers through its power distribution businesses.
Incorporated in 2023, Purvah develops and operates solar, wind and hybrid renewable energy projects across India.
($1 = 95.2550 Indian rupees)
(Reporting by Abhinav Parmar in Bengaluru; Editing by Mrigank Dhaniwala)
((Abhinav.Parmar@thomsonreuters.com;))
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