Kolkata-based CESC Limited told stock exchanges on 31 October 2026 that its subsidiary Purvah Green Power Private Limited has a new indicative date for buying a 1.4 GWp operating solar portfolio from ReNew Solar Power Private Limited. The date moved from 31 October 2026 to 21 November 2026 after the parties amended the Share Purchase Agreement. The deal carries an enterprise value of ₹4,859 crore. Completion would lift Purvah’s operating capacity to over 1.8 GWp.
Key Details
CESC did not say why the date moved or what remains to be done before closing. It also did not state whether the price or other terms changed through the amendment. The filing names six target companies as parties, and CESC’s disclosure of 10 August 2026 listed their installed capacities:
- ReNew Hans Urja Private Limited: 810 MWp
- ReNew Solar Photovoltaic Private Limited: 506.25 MWp
- ReNew Wind Energy (Karnataka 3) Private Limited: 24.55 MWp
- ReNew Wind Energy (MP Four) Private Limited: 24.60 MWp
- ReNew Wind Energy (Karnataka 4) Private Limited: 22.90 MWp
- ReNew Agni Power Private Limited: 23.18 MWp
The six companies total 1,411.48 MWp. They generate and supply renewable power and develop associated transmission infrastructure, the August disclosure states. The August disclosure said no governmental or regulatory approval was required for the acquisition.
Deal Value and Structure
The ₹4,859 crore enterprise value excludes a contingent payment of an estimated ₹230 crore, payable only on additional realisation of a change-in-law claim. Cash payable at closing was stated in August as ₹1,582 crore, including ₹94 crore of net current assets. That figure combines ₹589 crore for share capital and ₹993 crore of unsecured promoter debt, which will be used to repay existing promoter debt. The cash figure is subject to post-closing adjustments under the agreement. The press release said the acquisition has been funded by the parent company.
The press release of 10 August 2026 said the projects are operating assets with an established generation record. More than 90% of the capacity is contracted with the Solar Energy Corporation of India (SECI) under long-term power purchase agreements, and the balance is contracted with Karnataka distribution companies. All the agreements run for 25 years. After completion, the six companies will become step-down subsidiaries of CESC.
Management Comment
The latest filing carries no management comment. When the deal was signed, Shashwat Goenka, Vice Chairman of the RP-Sanjiv Goenka Group, said the acquisition gave the group immediate operating scale and complemented its pipeline of contracted capacity. Goenka said the group’s renewable growth should combine greenfield development with selective acquisitions that accelerate value creation.
Why the Portfolio Matters to CESC
Purvah’s contracted capacity stood at approximately 3.4 GWp before the transaction, and it rises to 4.8 GWp on completion. Of that total, 1.8 GWp would be operational and 3 GWp tied up at various stages of construction. A further 2.2 GWh of battery capacity is tied up and under implementation. The group has a stated aim of building a 10 GW renewable energy platform in the next few years.
CESC’s investor presentation of September 2026 splits the 4.8 GWp portfolio into 3.5 GWp of solar and 1.3 GW of wind, and it also lists a planned 3 GW solar cell and module manufacturing line. The operating assets would change the mix of a platform built so far mainly on projects under development, the August press release said.
Policy Backdrop
CESC’s presentation of September 2026 links the platform to India’s target of 60% non-fossil capacity by 2035. It also cites an inter-state transmission charge waiver and a ₹540 billion BESS (battery energy storage system) outlay to support a 208 GWh storage need by 2030. The presentation lists renewable purchase obligations, viability gap funding, tariff-based competitive bidding and green corridors as regulatory support for supply visibility.
About CESC and Purvah
CESC Limited is the flagship power utility of the RP-Sanjiv Goenka Group. It operates distribution businesses in West Bengal, Uttar Pradesh, Rajasthan, Maharashtra and Chandigarh. In Q1 FY27, consolidated revenue grew 5% year on year to ₹5,559 crore, and consolidated profit after tax stood at ₹419 crore. The Kolkata distribution business recorded transmission and distribution loss of 6.85%, against 7.08% in Q1 FY26. In Greater Noida, revenue rose 10% to ₹857 crore and profit after tax increased to ₹52 crore. Purvah Green Power, incorporated in December 2023, is CESC’s renewable energy platform and develops solar, wind and hybrid assets across India.
The Company’s Recent Pipeline
- August 2026: SECI letter of award on 5 August 2026 for a 175 MW wind project at a tariff of ₹3.85/kWh under SECI-Tranche-XX.
- August 2026: Share Purchase Agreement with ReNew signed on 10 August 2026.
- August 2026: SECI letter of award on 14 August 2026 for 70 MW of firm and dispatchable renewable power at ₹5.25/kWh.
- September 2026: A 25 September 2026 power purchase agreement between Prism Johnson Limited and KUS Renewable Private Limited, covering a 49.5 MW wind plant at Alot, Madhya Pradesh. KUS Renewable is a Purvah subsidiary, and Prism Johnson will invest up to ₹40 crore for 26.5% of its equity and redeemable preference shares.
Outlook
The next event is closing by 21 November 2026, a date CESC describes as indicative. The final cash paid remains subject to post-closing adjustments, and the contingent payment depends on the change-in-law claim. Beyond this deal, Purvah still has 3 GWp of tied-up capacity and 2.2 GWh of battery capacity to complete. The group’s stated aim remains a 10 GW renewable energy platform.
Official Sources
- CESC Limited – Disclosure under Regulation 30: Revised Timeline for Acquisition (NSE, 31 October 2026): https://nsearchives.nseindia.com/corporate/CESC_31102026160947_1.pdf
- CESC Limited – Acquisition of 1.4 GWp Operational Renewable Power Capacity by Purvah Green Power (NSE, 10 August 2026): https://nsearchives.nseindia.com/corporate/CESC_10082026125238_1.pdf
- CESC Limited – Investor Presentation (NSE, 18 September 2026): https://nsearchives.nseindia.com/corporate/CESC_18092026173407_1.pdf
- CESC Limited – Investor Update Q1 FY27 (NSE, 13 August 2026): https://nsearchives.nseindia.com/corporate/CESC_13082026151536_1.pdf
- CESC Limited – Letter of Award from SECI, FDRE-RTC-V (NSE, 14 August 2026): https://nsearchives.nseindia.com/corporate/CESC_14082026204425_1.pdf
- CESC Limited – Power Purchase Agreement with Prism Johnson Limited (NSE, 25 September 2026): https://nsearchives.nseindia.com/corporate/CESC_25092026131346_1.pdf
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