CESC To Buy 1.4 GW Solar Assets from ReNew for $510M

India’s CESC, through its renewable arm Purvah Green Power, will acquire ReNew Solar’s 1.4 GW operational solar portfolio for ₹4,859 crore ($510 million), said several media reports including Reuters. The deal, closing before October 31, 2026, strengthens CESC’s push toward a 10 GW renewable energy platform.

CESC Limited (Calcutta Electric Supply Corporation) is India’s first fully integrated private power utility, headquartered in Kolkata and part of the RP-Sanjiv Goenka Group. It generates, transmits, and distributes electricity, serving millions of consumers across West Bengal and other regions.

Key Transaction Details

• Buyer: Purvah Green Power (renewable arm of CESC, RP-Sanjiv Goenka Group)
• Seller: ReNew Solar Power
• Deal Value: ₹4,859 crore ($510.1 million)
• Assets Acquired: 1.4 GW operational solar portfolio
• Geography: Six projects across Rajasthan and Karnataka
• Contracted Capacity: Over 90% tied to SECI under long-term PPAs
• Closing Timeline: Expected before October 31, 2026
• Funding: Fully financed by CESC’s parent company

Strategic Impact

• Capacity Boost: Purvah’s contracted renewable capacity rises to 4.8 GW
• Portfolio Diversification: Shift toward cash-flow generating operational projects
• Long-Term Vision: Supports RP-Sanjiv Goenka Group’s 10 GW renewable energy goal
• Consumer Reach: CESC serves 4.4 million consumers

Broader Context

• India’s Renewable Push: Aligns with national clean energy goals
• Market Significance: One of India’s largest operating solar acquisitions
• Technology Mix: Purvah develops solar, wind, and hybrid projects

Quick Comparison Table

Aspect	Details
Deal Value	₹4,859 crore ($510.1 million)
Capacity Acquired	1.4 GW operational solar
States	Rajasthan, Karnataka
Contracted Buyers	90% with SECI (long-term PPAs)
Purvah’s New Capacity	4.8 GW (1.8 GW operational + 3 GW under construction)
Strategic Goal	Build 10 GW renewable platform

Risks & Considerations

• Execution Risk: Integration of six projects across two states
• Policy Dependence: Reliance on SECI contracts
• Market Competition: Rivals include Adani Green and Tata Power
• Financing Pressure: Large acquisitions increase capital exposure

Purvah Green Power Private Limited (PGPPL) is the renewable energy arm of CESC Ltd, part of the RP-Sanjiv Goenka Group. Incorporated in December 2023, it has quickly emerged as one of India’s fastest-growing renewable energy developers, with a pipeline of over 7.6 GW across solar, wind, and hybrid projects. 

ReNew Secures $95M LeapFrog-Led Investment to Boost C&I Clean Energy

ReNew Energy Global Plc has secured a major $95 million equity investment led by LeapFrog Investments, with co-investors Emerging Market Climate Action Fund (EMCAF) and Carlyle AlpInvest. The funds will be used to expand ReNew’s fast-growing Commercial & Industrial (C&I) renewable energy platform in India.

Key Highlights of the Investment

• Total Investment: $95 million (~₹878 crore)
• Lead Investor: LeapFrog Investments, contributing $50 million
• Co-Investors: EMCAF and Carlyle AlpInvest
• Date Announced: March 16, 2026
• Purpose: Expansion of ReNew Green Energy Solutions’ C&I renewable energy portfolio

ReNew Green Energy Solutions (C&I Platform)

• Portfolio Size: Over 2–2.5 GW of commissioned capacity across multiple Indian states
• Corporate Clients: Long-term agreements with Microsoft, Amazon, Google
• Market Position: One of India’s largest clean energy portfolios for corporate customers
• Focus: Decarbonization solutions tailored for commercial and industrial clients
  

ReNew’s Previous Fundraises

ReNew Energy has raised significant capital through multiple fundraises over the years, including equity rounds from global investors and large-scale green bond issuances. ReNew's earlier fundraises include billion‑dollar equity commitments and landmark bond deals.

Equity Funding

• Total Equity Raised: ~$1.64 billion since inception
• Key Investors: CPP Investments, Goldman Sachs, Abu Dhabi Investment Authority (ADIA)
• Use of Funds: Scaling utility-scale wind, solar, and hybrid projects across India

Debt & Bond Issuances

• April 2023 – $400 Million Green Bonds: Raised via subsidiary Diamond II, with strong investor interest from US, Europe, and Asia
• Purpose: Refinancing dollar-denominated debt and supporting growth initiatives
• Significance: First high-yield issuance out of India in over a year

Snapshot Table of Fundraises

Year	Amount	Type	Investors/Details	Purpose
2026	$95M	Equity	LeapFrog, EMCAF, Carlyle AlpInvest	Expand C&I renewable platform
2023	$400M	Green Bonds	Diamond II subsidiary issuance	Debt refinancing & growth
2011–2022	$1.64B	Equity	CPP Investments, Goldman Sachs, ADIA	Utility-scale wind & solar expansion

Sumant Sinha, Founder, Chairman & CEO, ReNew said, “The C&I industry will be central to India’s decarbonisation journey, and with investors like LeapFrog, we can deepen our ability to provide reliable, cost‑competitive renewable power to leading businesses across sectors. This partnership helps us scale solutions that reduce emissions, strengthen energy security, and support India’s industrial growth in a way that is both sustainable and inclusive.”

Nakul Zaveri, Global Co-Lead for Climate Investment Strategy, LeapFrog Investments said, “This investment exemplifies LeapFrog’s climate strategy of backing high-growth, scalable businesses that enable emerging markets to leapfrog to cleaner, more resilient energy systems. ReNew Green addresses a clear and rapidly-growing demand for reliable renewable energy solutions among commercial and industrial customers, underpinned by structural tailwinds and a sustained green discount compared to grid tariffs. We believe this platform can deliver strong commercial performance while driving meaningful emissions reduction and job creation at scale.”

ReNew Announces Results for the 3rd Quarter and 9 Mths of FY'24

ReNew Announces Results for the Third Quarter and Nine Months of Fiscal Year 2024: Increases the bottom end of Adjusted EBITDA guidance for FY24 by 2%

ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), a leading decarbonization solutions company, today announced its unaudited consolidated IFRS results for Q3 FY24 and nine months ended December 31, 2023.

Operating Highlights:

• As of December 31, 2023, the Company’s portfolio consisted of 13.8 GWs, of which ~8.5 GWs are commissioned and 5.3 GWs are committed, compared to 13.4 GWs as of December 31, 2022.
• Total Income (or total revenue) for the first nine months of FY24 was INR 72,414 million (US$ 870 million), compared to INR 63,493 (US$ 763 million) for the first nine months of FY23. Net profit for the first nine months of FY24 was INR 3,538 million (US$ 43 million) compared to a net loss of INR 5,103 million (US$ 61 million) for the first nine months of FY23. Adjusted EBITDA for the first nine months of FY24 was INR 52,406 million (US$ 630 million), as against INR 49,994 million (US$ 601 million) for the first nine months of FY23. Cash Flow to equity ("CFe") for the first nine months of FY24 was INR 21,756 million (US$ 262 million) compared to INR 19,810 million (US$ 238 million) for the first nine months of FY23.
• Total Income (or total revenue) for Q3 FY24 was INR 19,290 million (US$ 232 million), compared to INR 16,077 (US$ 193 million) for Q3 FY23. Net loss for Q3 FY24 was INR 3,216 million (US$ 39 million) compared to a net loss of INR 4,013 million (US$ 48 million) for Q3 FY23. Adjusted EBITDA for Q3 FY24 was INR 12,509 million (US$ 150 million), as against INR 11,628 million (US$ 140 million) in Q3 FY23. Cash Flow to equity (“CFe”) for Q3 FY24 was INR 2,392 million (US$ 30 million) compared to INR 2,682 million (US$ 32 million) in Q3 FY23.
• Days Sales Outstanding (“DSO”) ended Q3 FY24 at 86 days, a 92 day improvement, year on year.

FY 24 Guidance

We are increasing the bottom end of our FY24 Adjusted EBITDA guidance range by 2%, to INR 63,000 – INR66,000 million and expect revenue generation from 1,750 to 1,950 MWs of completed projects by the end of Fiscal Year 2024.

The Company’s Adjusted EBITDA and Cash Flow to equity guidance for FY24 are subject to the weather being similar to FY23.

Financial Year		Adjusted EBITDA		Adjusted EBITDA / share		Cash Flow toequity (CFe)		CFe / share
FY24		INR 63,000 –INR 66,000 million		INR 158 -INR 164		INR 6,000 –INR 8,000 million		INR 15 -INR 20

Note: the translation of Indian rupees into U.S. dollars has been made at INR 83.19 to US$ 1.00.

Webcast and Conference call information

A conference call has been scheduled to discuss the earnings results at 8:30 AM EST (7:00 PM IST) on February 20, 2024. The conference call can be accessed live at: https://edge.media-server.com/mmc/p/wnkm7p5v or by phone (toll-free) by dialing:

US/ Canada: (+1) 855 881 1339
France: (+33) 0800 981 498
Germany: (+49) 0800 182 7617
Hong Kong: (+852) 800 966 806
India: (+91) 0008 0010 08443
Japan: (+81) 005 3116 1281
Singapore: (+65) 800 101 2785
Sweden: (+46) 020 791 959
UK: (+44) 0800 051 8245
Rest of the world: (+61) 7 3145 4010 (toll)

An audio replay will be available following the call on our investor relations website at https://investor.renew.com/news-events/events

ReNew Power Secures $7.8 Bn Funding for Green Energy Projects Across India

Gurugram-headquartered Renew Power, touted as India's largest renewable energy company by operational capacity, has secured funding of ₹64000 Crore ($7.8 billion) from two Government departments — PFC and REC — to develop renewable energy projects in the country.

ReNew on Friday said it has signed memorandums of understanding (MoUs) worth ₹64,000 crore, or $7.9 billion, with Central government’s power project financing arms PFC and REC, for its current and future green energy projects.

The funding will support ReNew in meeting its financing needs and enable the company to raise long-term financing for large-scale green energy projects.

At the Clean Energy Ministerial meeting held in Goa, the MoUs were signed with the lenders and according to these MoUs the NASDAQ-listed ReNew will receive ₹32,000 crore (around $3.9 billion) each from PFC and REC for financing its current and upcoming energy transition projects.

ReNew, which is aiming to increase its total solar capacity to 5.5GW, currently has three solar under construction projects in India, with a combined capacity of 110MW.

According to a media reports, projects of a total of 8 gigawatts (GW) have already been commissioned by ReNew.

In addition to these, another 6 GWs of projects are underway. ReNew has also won a 3 GW portfolio of projects. The funding is to be allocated toward this 9 GW of projects, which includes solar, wind power, green hydrogen, battery storage and cell manufacturing, said a media outlet citing one of the sources.

Power Finance Corporation Ltd. (PFC) is an Indian central public sector undertaking under the ownership of the Ministry of Power, Govt of India. It is the financial backbone of Indian power sector.

REC Limited (REC), formerly Rural Electrification Corporation Limited, of which PFC is holding company, finances and promotes power projects across India.

PFC is also one of the promoters in Energy Efficiency Services Limited (EESL), with NTPC, Powergrid and REC being the other promoters.

DCM Shriram Ltd. and ReNew Power Sign an Agreement to Set Up 50 MW Hybrid Wind/Solar Projects for its Manufacturing Facility in Bharuch, Gujarat

One of the largest corporate renewable power supply deals in India under captive model. 

DCM Shriram Ltd. (DCM Shriram), a leading business conglomerate with a group turnover of ₹9,849 crore, and ReNew Power (“ReNew” or “the Company”) (NASDAQ: RNW, RNWWW), India’s major renewable energy company, today announced signing of two Captive Power Agreements (CPAs) that will see 50 MW of renewable energy supplied from ReNew’s two upcoming projects in Bhavnagar, Gujarat, to DCM Shriram’s Chlor-Alkali manufacturing facility in Bharuch district, Gujarat.

The combined transaction is one of the largest corporate renewable power supply deals in India under an OpEx (operating expenses) with a captive model.

Speaking on the occasion Mr. Ajay S. Shriram, Chairman and Sr. Managing Director, DCM Shriram Ltd., said, “We as a group are committed to improving our energy footprint and this is a step in that direction. We are happy to collaborate with ReNew Power in our journey towards renewable energy for our Chlor-Alkali manufacturing facility at Bharuch, Gujarat.”

He added, “With a long-term commitment towards ESG, the Captive Power Agreements for green energy have been signed for 25 years and will mitigate ~2,25,000 tCO2e (carbon emissions) annually.”

Speaking on the CPAs, Mr. Sumant Sinha, Founder, Chairman, and CEO of ReNew Power, said, “We are proud to partner with DCM Shriram, which is showing leadership is moving to cleaner sources of energy and in addressing broader climate issues, as well as in supporting India’s ambitious climate goals.

We are confident that more and more responsible corporates such as DCM Shriram will move to renewables at an accelerated pace, as it not only shows a focus on sustainability concerns that are critical but also reflects that green energy is increasingly cost-effective for businesses,” Sumant added.

The 50-MW hybrid project, which, overall, has ~100 MW of wind and solar generation capacity at its backend, is expected to generate ~250 million units of renewable energy every year exclusively for the DCM Shriram’s Bharuch facility.

ReNew will be setting up the two hybrid projects with a total investment of ~ ₹8 billion through an equity partnership of ~ ₹630 million by DCM Shriram Ltd.

ReNew, Tata Power and Sterling & Wilson Led the Indian Solar Market in 2021

Indian Solar Sector Market Leaders for 2021 Revealed

Market leaders saw significant growth across majority of the categories

In first half of  year 2021, India installed approximately 4.6 GW of solar projects, a 251% increase compared to the same period of 2020, and during that period Adani, Tata Power Solar and Mahindra Susten were the market leaders as utility-scale solar project developer. 

In CY 2021, India saw a record 10 GW of new solar capacity installed, a big jump of 210% compared to the year before. The newly installed solar capacity in 2021 reached a record high, making up 62% of the total power capacity additions in 2021.

Mercom Communications India, a subsidiary of global clean energy communications and consulting firm Mercom Capital Group, has released its yearly report on the solar sector competitive landscape - India Solar Market Leaderboard 2022. The report covers market share and shipment rankings across the Indian solar supply chain for the calendar year (CY) 2021.

The solar market leaders list remained relatively consistent in CY 2021, with four new companies on the list. However, with domestic manufacturing receiving a strong push, new leaders are expected to emerge in 2022.

According to the report, utility-scale projects accounted for 83% of the total installations, with 8.3 GW of new installations during the year.

The report reveals that the top ten utility-scale project developers accounted for 68% of projects installed in CY 2021. ReNew Power was the top utility-scale solar developer commissioning the most projects during the year, followed by Adani Green.

In CY 2021, 1.7 GW of rooftop solar was added, a 138% increase compared to the previous year. Tata Power Solar led the list of rooftop solar installers, accounting for 20% of the total installations. In 2021, the top ten rooftop solar installers accounted for 43% of the rooftop solar market.

Companies offering solar engineering, procurement, and construction (EPC) services saw a significant number of projects moving to 2021 from the previous year. Sterling & Wilson topped the list of EPC providers during the year, closely followed by Siemens Gamesa and Tata Power Solar.

In 2021, the share of string inverters in solar installations overtook that of central inverters in India. Sungrow was the top solar inverter supplier in 2021 and also topped the list of string inverter suppliers. Sineng Electric led the list of central inverter suppliers.

Solar imports in CY 2021 saw a massive 641% increase compared to the last year. LONGi Solar was the leading module supplier to India for the second consecutive year. One Indian module manufacturer made it to the top five.

Arctech Solar was the top supplier of solar trackers during the year.

SNS Corporation led the list of top solar mounting structure suppliers for the second consecutive year, accounting for 30% of the total market share.

In CY 2021, open access solar installations grew 222% compared to the previous year, making it the second-best year on record. Fourth Partner Energy was the top open access installer during the year.

Over time, robotic cleaning systems have seen a rising demand across the country, with more emphasis on water conservation in energy generation. Sol-Bright Photovoltaic Technology was the top supplier of solar robotic cleaning systems to the Indian market in 2021.

For the detailed and comprehensive report, click here

Indian Oil Corporation To Form JV Companies with L&T and ReNew Power for Green Hydrogen Production

Last year in July, Indian Oil Corporation Limited (IOC) announced that it is building India's first 'Green Hydrogen' plant at its Mathura refinery. Now almost a year after, IOC has signed a binding term sheet with two private firms -- Larsen & Toubro (L&T) and ReNew Power (ReNew) -- to set up a Joint Venture (JV) company that will develop the green hydrogen sector in India.

As per lastest IOC release, there will be two JV companies --- one involving three entities, IOC, L&T and ReNew, and second between IOC and L&T, only  

As per first JV, three companies will together aim to supply green hydrogen at an “industrial scale” by combining L&T’s credentials in designing, executing, and delivering engineering, procurement and construction projects, Indian Oil’s established expertise in petroleum refining with its presence across the energy spectrum, and the expertise of ReNew in offering and developing utility-scale renewable energy solutions.

In second JV, IndianOil-L&T JV will focus on production and sale of Electrolyzer. IOC and L&T have signed an additional binding term sheet to form a JV with equity participation to manufacture and sell Electrolyzers used in the production of Green Hydrogen. 

While IOC is an Indian government owned oil & gas explorer and producer, L&T and ReNew are private companies. ReNew is Gurgaon-based renewable energy company that focuses on wind-energy projects. Backed by hedge fund Sylebra Capital and investment bank Goldman Sachs, ReNew went public in August last year, at the US stock exchange NASDAQ. 

ReNew has recently commissioned Gujarat's first wind-solar hybrid project at the Chlor-Alkali unit of Grasim Industries Ltd in Vilayat, Bharuch.

Government of India's draft guidelines on the National Hydrogen Mission aims to increase production to 5 million metric tonnes (MMT) by 2030 to meet about 40% of domestic requirements.

The planned JVs aim is to enable India’s transition from a grey hydrogen economy to a greener economy that increasingly manufactures hydrogen via electrolysis powered by renewable energy.

Green hydrogen is derived from water electrolysis using renewable energy like solar or wind. Biomass-based hydrogen production technologies also qualify under the green category. On the other hand, Brown and grey hydrogen are produced through coal gasification and natural gas reforming, respectively.

As of now, nearly all of the hydrogen currently produced in India is grey hydrogen using natural gas and ammonia.

The latest IOC release said -- By 2050, nearly 80% of India’s hydrogen is projected to be ‘green’ – produced by renewable electricity and electrolysis. Green hydrogen may become the most competitive route for hydrogen production by around 2030. This may be driven by potential cost declines in key production technologies and in clean energy technologies such as solar PV and wind turbines.

Today, hydrogen is mainly used in the refining, steel and fertilizer sectors, which will be the focus of the JVs’ initial efforts. The country’s refining sector consumes approx. 2 MMT of grey hydrogen every year, with IndianOil owning one of the largest shares of its refining output.

Last year in August, Indian Railways announced that its exploring the feasibility of retrofitting the trains (that presently run o­n diesel) with hydrogen fuel and for same it invited bids for "hydrogen fuel cell-based technology" for retrofitting the existing Diesel Electric Multiple Unit (DEMU) and will be test it out in 89 km Sonipat-Jind section of Northern Railway.

ReNew Power, Hubli and Tata Steel, Jamshedpur Among WEF's 15 New "Future of Manufacturing" Network

The World Economic Forum (WEF) has recently announced the addition of 15 new sites to its Global Lighthouse Network, a community of world-leading manufacturers using Fourth Industrial Revolution technologies to enable bottom-line growth. Despite the COVID-19 pandemic’s unprecedented disruption, 93% achieved an increase in product output and found new revenue streams.

Among these 15 newly added manufacturing sites, ReNew Power in Hubli, and Tata Steel in Jamshedpur have joined the World Economic Forum’s Global Lighthouse Network as leaders in applying Fourth Industrial Revolution Technologies (4IR) to achieve profitable growth without increasing their environmental footprint.

According to WEF, these 15 leading innovators created new revenue streams while driving environmental sustainability – 53% are seeing measurable and marked environmental sustainability benefits. Some have seen almost a total reduction in CO2 emissions, double-digit increases in efficiency and reduction in material use. 

The new report, Reimagining Operations for Growth, outlines how manufacturers accomplished these results. Their CEOs will provide more insights at the Lighthouses Live event, featuring keynote speaker Satya Nadella, CEO of Microsoft and Alex Gorsky, chairman and CEO of Johnson & Johnson on 17 March at 14.00 CET. See below for a full list of the new Lighthouses and their achievements.

The Lighthouse Network and its 69 sites are a platform to develop, replicate and scale innovations, creating opportunities for cross-company learning and collaboration, while setting new benchmarks for the global manufacturing community.

While 74% of companies remained stuck in pilot purgatory in 2020, research based on learnings from the network reveals that scalable Fourth Industrial Revolution technologies are key to long-term growth. By fully embracing agile ways of working, these manufacturers have been able to respond to disruption and ongoing shifts in supply and demand along their production network and value chains. They also prioritized workforce development – reskilling and upskilling employees for advanced manufacturing jobs – at the same pace and scale.

The new Lighthouses:

Asia

Bosch (Suzhou, China): As a role model of manufacturing excellence within the group, Bosch Suzhou deployed a digital transformation strategy in manufacturing and logistics, reducing manufacturing costs by 15% while improving quality by 10%.

Foxconn (Chengdu, China): Confronted with fast-growing demand and labour skill scarcity, Foxconn Chengdu adopted mixed reality, artificial intelligence (AI) and internet of things (IoT) technologies to increase labour efficiency by 200% and improve overall equipment effectiveness by 17%.

HP Inc. (Singapore): Facing an increase in product complexity and labour shortages leading to quality and cost challenges, along with a move at the country level to focus on higher-value manufacturing, HP Singapore embarked on its Fourth Industrial Revolution journey to transform its factory from being manual, labour intensive and reactive to being highly digitized, automated and driven by AI, improving its manufacturing costs by 20%, and its productivity and quality by 70%.

Midea (Shunde, China): To expand its e-commerce presence and overseas market share, Midea invested in digital procurement, flexible automation, digital quality, smart logistics and digital sales to improve product cost by 6%, order lead times by 56% and CO2 emissions by 9.6%.

ReNew Power (Hubli, India): Facing exponential asset growth and rising competitiveness from new entrants, ReNew Power, India’s largest renewables company, developed Fourth Industrial Revolution technologies, such as proprietary advanced analytics and machine learning solutions, to increase the yield of its wind and solar assets by 2.2%, reduce downtime by 31% without incurring any additional capital expenditure, and improve employee productivity by 31%.

Tata Steel (Jamshedpur, India): Facing operational KPI stagnation and an impending loss of captive raw material advantage, Tata Steel Jamshedpur’s 110-year-old plant with deeply rooted cultural and technology legacies deployed multiple Fourth Industrial Revolution technologies, such as machine learning and advanced analytics in procurement to save 4% on raw material costs, and prescriptive analytics in production and logistics planning to reduce the cost of serving customers by 21%.

Tsingtao Brewery (Qingdao, China): Facing growing consumer expectations for personalized, differentiated and diverse beers, Tsingtao Brewery rethought its use of smart digital technologies along its value chain to enable its 118-year-old factory to meet consumer needs, reducing customized order and new product development lead times by 50%. As a result, it increased its share of customized beers to 33% and revenue by 14%.

Wistron (Kunshan, China): In response to high-mix and low-volume business challenges, Wistron leveraged AI, IoT and flexible automation technologies to improve labour, asset and energy productivity, not only in production and logistics but also in supplier management, improving manufacturing costs by 26% while reducing energy consumption by 49%.

The goal of the Global Lighthouse Network is to share and learn from best practices, support new partnerships and help other manufacturers deploy technology, adopt sustainable solutions and transform their workforces at pace and scale. The extended network of “Manufacturing Lighthouses” will be officially recognized at Lighthouse Live: Reimagining Operations for Growth at 14.00 CET/09.00 EST 17 March.

Together with a diverse group of experts and innovators, the meeting aims to initiate, accelerate and scale-up entrepreneurial solutions to tackle climate change and advance sustainable development. Click here to follow the meeting.