Purvah Green Power, a subsidiary of CESC, has agreed to acquire 1.4 gigawatts of operational solar and wind capacity from ReNew for $510 million, according to a filing with India's National Stock Exchange. The transaction values the portfolio at Rs 4,859 crore and includes six operating projects across Rajasthan and Karnataka.
The deal places CESC among India's growing cohort of utilities buying ready-made renewable assets rather than developing projects from scratch. Purvah Green Power is CESC's renewable energy arm, and the purchase gives it operational generation capacity in two of India's largest solar and wind zones. ReNew, India's second-largest independent power producer by capacity, has been selling mature assets to rebalance its portfolio toward higher-margin development and contracting work.
ReNew's renewable fleet exceeded 12 gigawatts as of mid-2026, making the 1.4 GW sale roughly 12 percent of its total capacity. The company has completed several similar divestitures over the past two years, offloading operating projects to pension funds, infrastructure investors and utilities seeking stable cash flows. Each transaction has freed capital for ReNew to pursue newer contracts and maintain its development pipeline.
Purvah Green Power's acquisition adds to a broader trend in India's power sector where operational renewable assets trade at valuations tied to their long-term power purchase agreements. Assets with government-backed offtake contracts or corporate power agreements command premiums over merchant generation. The filing does not specify the contract status of the six projects being acquired.
CESC, the parent company of Purvah Green Power, is one of India's oldest utilities and has expanded its renewable business over the past decade. The utility supplies electricity to parts of West Bengal and has moved to diversify beyond traditional coal-based generation. This transaction marks its largest single renewable acquisition announced this year.
At $364 per megawatt, the deal values the portfolio at a rate comparable to recent renewable asset sales in India, where operating solar and wind projects trade between $300 million and $450 million per gigawatt depending on contract terms and asset location. CESC has not disclosed the closing timeline or final conditions attached to the agreement.
