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					</table><p><a href="https://purvahgreen.com/" target="_blank" rel="noopener">Purvah Green Power</a> has announced it will acquire a 1.4 GW operating solar portfolio from <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Solar Power</a> for an enterprise value of ₹48.59 billion (~$509 million).</p>
<p>Purvah is the renewable energy platform of Calcutta Electric Supply Corporation and part of the RP-Sanjiv Goenka Group.</p>
<p>The portfolio comprises six special purpose vehicles across Rajasthan and Karnataka. According to RPSG, the acquisition will be funded by Purvah Green Power’s parent company.</p>
<p>More than 90% of the acquired capacity is contracted with the Solar Energy Corporation of India under long-term power purchase agreements (PPAs). The remaining capacity is contracted with distribution companies in Karnataka. All the PPAs have a 25-year tenure.</p>
<p>Purvah Green Power had approximately 3.4 GW of contracted capacity before the transaction. Following the completion of the acquisition, its total contracted capacity will increase to 4.8 GW. Of this, 1.8 GW will be operational, while 3 GW of tied-up capacity is at various stages of construction.</p>
<p>The company also has 2.2 GWh of contracted battery storage capacity under implementation.</p>
<p>Shashwat Goenka, Cice Chairman at RPSG, said the transaction would provide Purvah Green with immediate operating capacity and complement its pipeline of contracted renewable energy projects. He added that RPSG plans to combine greenfield development with acquisitions as it expands its renewable energy portfolio.</p>
<p>The acquisition is part of RPSG’s plan to establish a 10 GW renewable energy platform over the next few years.</p>
<p>Purvah Green Power develops and operates utility-scale solar, wind, and hybrid renewable energy projects in India.</p>
<p>CESC is an integrated power utility with operations across electricity generation, transmission, and distribution.</p>
<p>Purvah was among the <a href="https://www.mercomindia.com/vismaya-renewables-hexa-and-purvah-green-win-cescs-600-mw-wind-solar-auction" target="_blank" rel="noopener">winners</a> of CESC’s auction to develop 600 MW of interstate transmission system (ISTS)-connected wind-solar hybrid projects under a build-own-operate model.</p>
<p>The company was also among the <a href="https://www.mercomindia.com/search/purvah" target="_blank" rel="noopener">winners</a> of the Solar Energy Corporation of India’s auction to set up 2,000 MW ISTS-connected solar projects, along with 1,000 MW/4,000 MWh energy storage systems.</p>


Purvah to Acquire 1.4 GW Solar Portfolio from Renew for ₹49 Billion


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					</table><p>Solar engineering, procurement, and construction (EPC) company <a href="https://waareertl.com/" target="_blank" rel="noopener">Waaree Renewable Technologies</a> has received a letter of award from Purvah Green Power for EPC of a 300 MW solar power project in Bikaner, Rajasthan.</p>
<p>The project’s contract value is ₹3.46 billion (~$40.49 million), and it is scheduled for completion this financial year.</p>
<p>In September 2024, Purvah Green Power was <a href="https://www.mercomindia.com/purvah-300-mw-solar-projects-cesc/" target="_blank" rel="noopener">selected</a> by Calcutta Electric Supply Corporation (<a href="https://www.cesc.co.in/home" target="_blank" rel="noopener">CESC</a>) to develop 300 MW of interstate transmission system-connected solar power projects across India. Of the total capacity, 150 MW will be developed through tariff-based competitive bidding, while the remaining 150 MW will be executed under a greenshoe option.</p>
<p>The tender for these works was <a href="https://www.mercomindia.com/cesc-issues-tender-to-procure-150-mw-of-solar-power" target="_blank" rel="noopener">floated</a> in July 2024.</p>
<p>In May, Waaree secured an EPC contract, including operation and maintenance, for 94 MW of solar projects under the second phase of the Mukhyamantri Saur Krushi Vahini Yojana, with a contract value of ₹1.14 billion (~$13.34 million).</p>
<p>In December last year, Waaree Renewables Technologies <a href="https://cwww.mercomindia.com/waaree-secures-2-gw-solar-epc-contract-from-jindal-renewables/" target="_blank" rel="noopener">secured</a> an engineering, procurement, and construction contract for a 2 GW solar project in Bikaner from Sunbreeze Renewable Nine, a special-purpose vehicle of Jindal Renewables.</p>
<p>The company had also <a href="https://www.mercomindia.com/waaree-wins-rumsls-170-mw-solar-project-in-neemuch-solar-park" target="_blank" rel="noopener">won</a> Rewa Ultra Mega Solar’s auction to develop a 170 MW solar power project at the Neemuch Solar Park in Madhya Pradesh.</p>
<p>Waaree Renewable Technologies <a href="https://www.mercomindia.com/epc-contracts-push-waarees-revenue-up-83-10-in-fy25/" target="_blank" rel="noopener">reported</a> a 74.84% year-over-year rise in revenue to ₹4.81 billion (~$56.15 million) from ₹2.75 billion (~$32.1 million) in the fourth quarter of the financial year 2024-25.</p>
<p>Purvah commenced operations in December 2023 in West Bengal, focusing on generating, trading, and dealing in electrical energy derived from renewable energy sources. In August 2024, CESC <a href="https://www.mercomindia.com/cesc-buys-majority-shares-in-purvah-power-for-24-million/" target="_blank" rel="noopener">acquired</a> a 63.91% equity stake in Purvah at the cost of ₹2.05 billion (~$24.48 million). Purvah was earlier a wholly-owned subsidiary of Crescent Power, a CESC subsidiary.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


Waaree Bags 300 MW Solar EPC Contract from Purvah Green


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					</table><p>Purvah Green Power, a subsidiary of Kolkata-based power utility Calcutta Electric Supply Corporation <a href="https://www.cesc.co.in/home" target="_blank" rel="noopener">(CESC)</a>, has won a 150 MW interstate transmission system (ISTS)-connected wind-solar hybrid power project from CESC.</p>
<p>The project comes with an additional 150 MW capacity under the greenshoe option.</p>
<p>The project was awarded as per the guidelines for tariff-based competitive bidding for grid-connected wind-solar hybrid power projects issued by the Ministry of Power.</p>
<p>Purvah will enter a 25-year power purchase agreement with CESC.</p>
<p>As Purvah is a subsidiary of CESC, this project falls under the category of related-party transactions. However, CESC has clarified that the agreement has been executed on an arm’s length basis, ensuring transparency and compliance with regulatory requirements.</p>
<p>CESC is an integrated power utility company, engaged in the generation, transmission, and distribution of electricity. Last August, CESC <a href="https://www.mercomindia.com/cesc-buys-majority-shares-in-purvah-power-for-24-million" target="_blank" rel="noopener">acquired</a> a 63.91% equity stake in Purvah Green Power at the cost of ₹2.05 billion (~$24.48 million) in August last year. Purvah was a wholly-owned subsidiary of Crescent Power, which is a subsidiary of CESC.</p>
<p>In September 2024, Purvah was <a href="https://www.mercomindia.com/purvah-300-mw-solar-projects-cesc" target="_blank" rel="noopener">selected</a> by CESC to develop 300 MW of ISTS-connected solar power projects across India. Of the total capacity, 150 MW will be developed through tariff-based competitive bidding, while the remaining 150 MW will be executed under a greenshoe option.</p>
<p>Purvah Green Power entered into a binding term sheet to <a href="https://www.mercomindia.com/purvah-acquire-bhojraj-renewables" target="_blank" rel="noopener">acquire</a> a 100% stake in Bhojraj Renewables Energy to develop a 300 MW wind project and a 150 MW solar project. The acquisition was structured as a cash deal, with Purvah Green committing up to ₹1.08 billion (~$12.86 million). Under the deal, Bhojraj Renewables was to facilitate land acquisition and the necessary permits and approvals for the wind and solar projects. The company has secured an in-principle connectivity approval for the 300 MW wind project.</p>


CESC Awards 150 MW Wind-Solar Hybrid Power Project to Purvah Green


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					</table><p>Purvah Green Power, a subsidiary of Calcutta Electric Supply Corporation <a href="https://www.cesc.co.in/home" target="_blank" rel="noopener">(CESC)</a>, has been selected by CESC to develop 300 MW of interstate transmission system (ISTS)-connected solar power projects across India. Of the total capacity, 150 MW will be developed through tariff-based competitive bidding, while the remaining 150 MW will be executed under a greenshoe option.</p>
<p>Purvah has accepted the letter of award from CESC, according to a bourse filing.</p>
<p>As part of the agreement, Purvah will sign a 25-year power purchase agreement within 30 days of receiving the letter of award. The company must identify suitable land for project installation, secure ownership, connect to the ISTS network, and obtain approvals and connectivity to supply power to CESC.</p>
<p>The tender was <a href="https://www.mercomindia.com/cesc-issues-tender-to-procure-150-mw-of-solar-power/" target="_blank" rel="noopener">issued</a> in July this year.</p>
<p>Purvah began operations in December 2023 in West Bengal and focuses on generating, trading, and dealing in electrical energy using renewable energy sources.</p>
<p>In August this year, CESC <a href="https://www.mercomindia.com/cesc-buys-majority-shares-in-purvah-power-for-24-million/" target="_blank" rel="noopener">acquired</a> a 63.91% equity stake in Purvah at the cost of ₹2.05 billion (~$24.48 million). Purvah was earlier a wholly-owned subsidiary of Crescent Power, a CESC subsidiary.</p>
<p>CESC said it acquired the 63.91% stake by subscribing to 205 million equity shares of ₹10 (~$0.12) each for an aggregate consideration amounting to ₹ 2.05 billion (~$ 24.48 million). The acquisition made Purvah a direct subsidiary of CESC. Crescent Power acquired a 100% stake in Purvah in March this year.</p>
<p>CESC, a part of the RP-Sanjiv Goenka Group, supplies power to the Kolkata Municipal Corporation. It is the sole electricity distributor within Kolkata, Howrah, and adjoining areas, serving domestic, industrial, and commercial users.</p>
<p>In January, CESC Projects <a href="https://www.mercomindia.com/greenko-acme-reliance-winners-secis-green-hydrogen-auction" target="_blank" rel="noopener">won</a> a capacity of 10,500 MT in Solar Energy Corporation of India’s tender to set up 450,000 MT/annum production facilities for green hydrogen. The tender for green hydrogen production was issued in July 2023.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


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