IndiGrid to acquire transmission, solar assets for Rs 2,100 cr
IndiGrid on Saturday said it will acquire
ReNew Solar Aayan
, a 300 MW (AC) solar project, and Koppal Narendra Transmission in two separate transactions for about Rs 2,108 crore.
Inclusive of the adjustments, the enterprise value will not exceed Rs 2,175 crore, a statement said.
IndiGrid announced the execution of definitive agreements to acquire one solar and one transmission
asset
, aggregating to an enterprise value of approximately Rs 2,108 crore, excluding any net
working capital
and cash adjustments, it added.
The solar asset, Renew Solar Aayan Private Ltd (RSAPL), is a 300 MW (AC) operational project located in Barmer, Rajasthan, a region known for high solar irradiation.
The project has been operational since March 2024 and benefits from a long-term 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at a fixed
tariff
of Rs 2.37 per unit.
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A 100 per cent subsidiary of ReNew Solar Power Private Limited, RSAPL's proximity to RSUPL - an asset acquired by IndiGrid in 2024 - offers strong operational synergies and strengthens the platform's presence in the renewable segment.
The transmission asset, Koppal Narendra Transmission Limited (KNTL), is a Build-Own-Operate-Maintain (BOOM) Inter-State Transmission System (ISTS) project located in Karnataka. Operational since October 2023, KNTL comprises approximately 276 circuit kilometres of transmission lines and 2,500 MVA of transformation capacity.
The asset is jointly owned by ReNew Solar Power Private Limited (51 per cent) and KNI India (49 per cent), a joint venture between Norfund and KLP.
With its location in a region witnessing rapid grid expansion, KNTL offers meaningful long-term augmentation potential for IndiGrid.
Subject to regulatory and contractual approvals, IndiGrid will acquire 100 per cent shareholding and management control of both assets, in line with the provisions of the definitive and concession agreements and the power purchase agreement (PPA), including lock-in obligations therein, it stated.
Harsh Shah, Managing Director of IndiGrid, said, "These acquisitions align with our long-term strategy to participate meaningfully in this transformation by owning and operating essential infrastructure that supports grid stability and energy access".
This acquisition will be funded through a combination of equity, internal accruals, and debt, the statement said.
The net debt/AUM will be 62 per cent post this acquisition, leaving adequate headroom for future growth, it added.
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