CESC Ltd. announces a new order win

A total project capex per MW cannot be calculated from the disclosed terms because the debt quantum and total project cost are not reported. The defensible estimate is the implied equity funding of up to approximately Rs 3.05 Crores per MW.

• PJL will invest up to Rs 40 Crores for a 26.5% equity and redeemable-preference-share stake in KRPL, which is developing the 49.5 MW project ^[1].
• Assuming the 26.5% stake represents 26.5% of the project equity, the implied total equity funding is: Rs 40 Crores / 26.5% = approximately Rs 151 Crores.
• Implied equity funding per MW = Rs 151 Crores / 49.5 MW = approximately Rs 3.05 Crores/MW. This is a derived equity figure, not total capex.

Funding mix and leverage read

The project is described as being funded through a combination of debt and equity, with equity contributed in proportion to ownership ^[2]. Therefore, the disclosed equity participation is:

• PJL: 26.5% of project equity
• Purvah/KRPL side: 73.5% of project equity ^[2]

However, the filing does not disclose the project's debt amount, debt-to-equity ratio, or total capital cost ^[2]. Accordingly:

• Total capex/MW: not determinable.
• Debt-to-equity mix: not determinable.
• Comparison with KRPL or PGPPL's existing leverage: not assessable from the cited recent disclosure because no subsidiary-level debt, net debt, or leverage ratio is reported.

The key analytical distinction is that 26.5%/73.5% describes the equity ownership and equity-contribution split, not the asset's debt-to-equity funding mix. A meaningful leverage comparison requires KRPL's opening debt and equity, plus the project's planned debt quantum and post-financial-close balance sheet.

It is a standalone 49.5 MW project at the project/SPV level, but strategically it is Purvah’s first disclosed C&I transaction within the broader renewable platform—not the stated first phase of a separately disclosed C&I capacity target.

• KRPL is developing the 49.5 MW wind plant in Madhya Pradesh for Prism Johnson under a 25-year captive PPA; Prism will invest for a 26.5% stake in KRPL. ^[1]
• The filing describes it as Purvah Green Power’s first C&I power-supply agreement and links it to the RPSG plan to build a renewable platform of more than 10 GW. ^[2]
• However, the disclosed capacity ambition is framed as a broad renewable-platform target, not as a quantified C&I portfolio target. The management commentary describes the intended C&I customer focus, but does not specify a larger C&I capacity addition number. ^[5]

Implication: the 49.5 MW should be treated as the first commercial beachhead for Purvah in C&I, with potential for additional projects, but not as an explicitly announced Phase 1 of a committed C&I buildout. The larger disclosed target relates to Purvah’s overall renewable platform.