CESC Acquires Company Developing 300 MW Solar Park in Rajasthan for ₹3.84 Crore

CESC Ltd, a major Indian power utility, announced on Friday that one of its step-down subsidiaries has completed the acquisition of Bhadla Three SKP Green Ventures, a company in the process of implementing a 300-MW solar park in Rajasthan. The acquisition, aimed at expanding CESC's renewable energy portfolio, was completed by Purvah Green Power for a consideration of ₹3.84 crore.

In a regulatory filing, CESC disclosed that Bhadla Three SKP Green Ventures is developing a 300-MW solar park in the Phalodi district of Rajasthan. While the project is still under development and has not yet generated any revenue, the company has obtained approval from the central transmission unit for interstate evacuation of solar power with a capacity of 300 MW and has partially acquired land for the project.

CESC did not specify the additional investment required to complete the solar park project. However, this acquisition aligns with the RP-Sanjiv Goenka group's broader strategy to strengthen its renewable energy portfolio. The group had previously indicated plans to acquire over 50,000 acres in Rajasthan and Gujarat to build a 3 GW hybrid renewable energy portfolio.

CESC's move to expand its renewable energy assets demonstrates the company's commitment to renewable energy generation and sustainability. The company has been exploring possibilities for substantial investments in renewable energy generation across multiple states in India, aiming to achieve a 3 GW hybrid portfolio through its subsidiaries.

The completion of this acquisition represents a significant step towards achieving CESC's renewable energy goals and marks another milestone in its journey to embrace cleaner and more sustainable energy sources.

BS