Purvah Green Power, a subsidiary of Calcutta Electric Supply Corporation (CESC), has been selected by CESC to develop 300 MW of interstate transmission system (ISTS)-connected solar power projects across India. Of the total capacity, 150 MW will be developed through tariff-based competitive bidding, while the remaining 150 MW will be executed under a greenshoe option.

Purvah has accepted the letter of award from CESC, according to a bourse filing.

As part of the agreement, Purvah will sign a 25-year power purchase agreement within 30 days of receiving the letter of award. The company must identify suitable land for project installation, secure ownership, connect to the ISTS network, and obtain approvals and connectivity to supply power to CESC.

The tender was issued in July this year.

Purvah began operations in December 2023 in West Bengal and focuses on generating, trading, and dealing in electrical energy using renewable energy sources.

In August this year, CESC acquired a 63.91% equity stake in Purvah at the cost of ₹2.05 billion (~$24.48 million). Purvah was earlier a wholly-owned subsidiary of Crescent Power, a CESC subsidiary.

CESC said it acquired the 63.91% stake by subscribing to 205 million equity shares of ₹10 (~$0.12) each for an aggregate consideration amounting to ₹ 2.05 billion (~$ 24.48 million). The acquisition made Purvah a direct subsidiary of CESC. Crescent Power acquired a 100% stake in Purvah in March this year.

CESC, a part of the RP-Sanjiv Goenka Group, supplies power to the Kolkata Municipal Corporation. It is the sole electricity distributor within Kolkata, Howrah, and adjoining areas, serving domestic, industrial, and commercial users.

In January, CESC Projects won a capacity of 10,500 MT in Solar Energy Corporation of India’s tender to set up 450,000 MT/annum production facilities for green hydrogen. The tender for green hydrogen production was issued in July 2023.

Subscribe to Mercom’s India Solar Tender Tracker to stay on top of real-time tender activity.