Now Reading: CESC to buy ReNew solar assets worth Rs 4,860 crore
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CESC to buy ReNew solar assets worth Rs 4,860 crore
CESC Ltd, part of the RP-Sanjiv Goenka Group, will buy solar assets in Rajasthan and Karnataka from ReNew Solar Power for an enterprise value of Rs 4,860 crore (about $509 million). Its…
The Story in Brief
CESC Ltd, part of the RP-Sanjiv Goenka Group, will buy solar assets in Rajasthan and Karnataka from ReNew Solar Power for an enterprise value of Rs 4,860 crore (about $509 million). Its renewable unit Purvah Green Power will pay Rs 1,580 crore in cash and expects to close the deal by 31 October. The acquisition will add around 1.4 GW-peak of solar capacity. Over 90 percent of the electricity from these projects is already contracted under long-term power purchase agreements with SECI. The group aims to reach a 10 GW renewable portfolio within two years.
The Indian Opinion
This deal is a reminder that India’s green energy push is now being driven as much by corporate consolidation as by new projects. The popular narrative that renewable growth means only fresh solar or wind farms ignores the reality that buying ready assets is often faster and cheaper for companies like CESC. But the stock market will now watch whether Purvah Green can integrate these assets smoothly and hit its 10 GW target in two years. The real test: can CESC maintain the 90 percent contracted power sale margin, or will execution delays eat into returns? Size alone is not success.
Source: bazaar.businesstoday.in
This story was synthesised by AI from the source linked above.
