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India's Purvah to Acquire 1.4 GW Solar Portfolio From ReNew for $509 Million

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India's Calcutta Electric Supply Corporation said on Monday that its renewable energy unit Purvah Green Power will acquire a 1.4-gigawatt peak operating solar portfolio from ReNew Solar Power for 48.59 billion Indian rupees ($509 million).

The portfolio is held through six special purpose vehicles across Rajasthan and Karnataka. CESC is funding the transaction.

The deal is set to increase Purvah's contracted renewable capacity to about 4.8 gigawatts from 3.4 GW, while adding operating assets that are already generating revenue.

CESC said that about 1.8 GW of the contracted portfolio will be operational after completion of the transaction, with another 3 GW at various stages of construction.

The utility said over 90% of the acquired solar capacity is contracted to the state-backed Solar Energy Corporation of India under 25-year power purchase agreements, while the remainder has contracts with electricity distribution companies in Karnataka.

Purvah will also have 2.2 gigawatt-hours of battery-storage capacity tied up and under implementation following the transaction.

The company, which operates utility-scale solar, wind and hybrid renewable-energy projects, is targeting a 10-gigawatt renewable portfolio over the next few years.

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