The acquisition is expected to enhance operational synergies and bolster IndiGrid’s position in the renewable energy sector.
The ReNew Solar Aayan Private Limited (RSAPL) project, located in Barmer, Rajasthan, is a 300 MW alternating current solar facility operational since March 2024. Benefiting from high solar radiation in the region, it has secured a 25-year power purchase agreement with the Solar Energy Corporation of India at Rs2.37 per unit. As a wholly-owned subsidiary of ReNew Solar Power Private Limited, RSAPL is strategically positioned near another IndiGrid-acquired asset, RSUPL, enhancing operational efficiency.
The Koppal Narendra Transmission project, operational since October 2023 in Karnataka, is an interstate transmission system featuring 276 circuit kilometers of transmission lines and a transformation capacity of 2,500 mega volt-amperes. Ownership is currently divided, with ReNew Solar Power holding a 51% stake and KNI India, a joint venture between Norfund and KLP, holding 49%. IndiGrid will assume full ownership and management of both assets.
Harsh Shah, managing director of IndiGrid, stated: “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.” The acquisitions will be funded through a combination of equity, internal accruals, and debt financing, maintaining IndiGrid’s net debt-to-asset under management ratio at 62%, which supports future growth opportunities.
These acquisitions strengthen IndiGrid’s portfolio in India’s renewable energy and transmission sectors, contributing to grid reliability and sustainable energy access in Rajasthan and Karnataka.
