KKR-backed infrastructure investment trust IndiGrid has signed agreements to acquire a solar asset and a transmission asset at an enterprise value of ₹2108 crore, it said in a statement.
Both assets have been acquired from ReNew Energy.
The acquisition will be funded through a combination of equity, internal accruals, and debt, it said. The net debt to AUM ratio will be 62 per cent post the acquisition, leaving adequate headroom for future growth, it added.
The solar asset, Renew Solar Aayan Private Ltd , is a 300 MW operational project located in Barmer, Rajasthan.
The transmission asset, Koppal Narendra Transmission Limited (KNTL), is a Build-Own-Operate-Maintain, inter- State transmission system project located in Karnataka.
Solar project
The solar project has been operational since March 2024 and has a 25-year power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) at a fixed tariff of ₹2.37 per unit.
It is a fully owned subsidiary of ReNew Solar Power Private Ltd , part of ReNew Energy Global.
It is located near an asset acquired by IndiGrid in 2024 and offers strong operational synergies and strengthens the platform’s presence in the renewable segment.
Transmission asset
This has been operational since October 2023, and it comprises around 276 circuit kilometers of transmission lines and 2,500 MVA of transformation capacity.
The asset is a joint venture between ReNew Solar Power, which has a 51 per cent stake 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, the statement said.
IndiGrid will acquire entire shareholding and management control of both assets, in line with the provisions of the definitive and concession agreements and the PPA, including lock-in obligations.
Harsh Shah, Managing Director of IndiGrid, said that both assets were of high quality that would help deepen its presence in key geographies, enhance portfolio diversification and were DPU accretive.
“As the sector continues to evolve, IndiGrid remains focused on building a future-ready platform that supports the nation’s energy ambitions while delivering sustained value to our unitholders.”
IndiGrid owns 41 power projects, consisting of 49 transmission lines with more than 9000 circuit km length, 15 substations with 22,550 MVA transformation capacity, 855 MWac of solar generation capacity, and 450 MW of battery energy storage systems. It has assets under management of over $3.5 billion.
Published on June 7, 2025
