Latest news with #Rs21.08bn
Yahoo
09-06-2025
- Business
- Yahoo
IndiGrid to acquire solar project and transmission asset in India
IndiGrid has announced its plan to acquire the solar project ReNew Solar Aayan, located in Rajasthan, and Koppal Narendra Transmission in Karnataka. The two transactions have a total value of approximately Rs21.08bn ($250m), as reported by the Economic Times. This excludes net working capital and cash adjustments. ReNew Solar Aayan Private Limited (RSAPL) is a 300MW alternating current solar project in Rajasthan's Barmer, an area with high solar radiation. Since March 2024, the operational project has had a secure revenue stream through a 25-year long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) at Rs2.37 per unit As a wholly-owned subsidiary of ReNew Solar Power Private Limited, RSAPL benefits from its proximity to RSUPL, an asset bought by IndiGrid in 2024. This acquisition is expected to enhance operational synergies and bolster IndiGrid's position in the renewable energy sector. Koppal Narendra Transmission is a build-own-operate-maintain interstate transmission system (ISTS) venture that has been operational since October 2023 in Karnataka. It features 276 circuit kilometres of transmission lines and has a transformation capacity of 2,500 mega volt-amperes. The ownership of this asset is split between ReNew Solar Power with a 51% stake and KNI India with the remaining 49%. KNI India is a joint venture formed by Norfund and KLP. IndiGrid will secure complete ownership and managerial authority over both entities. IndiGrid managing director Harsh Shah 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 funding mix for this acquisition will include equity, internal accruals and debt financing. Post-acquisition, IndiGrid stated that its net debt-to-asset under management (AUM) ratio will be maintained at 62%, allowing room for further growth initiatives. "IndiGrid to acquire solar project and transmission asset in India" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
09-06-2025
- Business
- Yahoo
IndiGrid to acquire solar project and transmission asset in India
IndiGrid has announced its plan to acquire the solar project ReNew Solar Aayan, located in Rajasthan, and Koppal Narendra Transmission in Karnataka. The two transactions have a total value of approximately Rs21.08bn ($250m), as reported by the Economic Times. This excludes net working capital and cash adjustments. ReNew Solar Aayan Private Limited (RSAPL) is a 300MW alternating current solar project in Rajasthan's Barmer, an area with high solar radiation. Since March 2024, the operational project has had a secure revenue stream through a 25-year long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) at Rs2.37 per unit As a wholly-owned subsidiary of ReNew Solar Power Private Limited, RSAPL benefits from its proximity to RSUPL, an asset bought by IndiGrid in 2024. This acquisition is expected to enhance operational synergies and bolster IndiGrid's position in the renewable energy sector. Koppal Narendra Transmission is a build-own-operate-maintain interstate transmission system (ISTS) venture that has been operational since October 2023 in Karnataka. It features 276 circuit kilometres of transmission lines and has a transformation capacity of 2,500 mega volt-amperes. The ownership of this asset is split between ReNew Solar Power with a 51% stake and KNI India with the remaining 49%. KNI India is a joint venture formed by Norfund and KLP. IndiGrid will secure complete ownership and managerial authority over both entities. IndiGrid managing director Harsh Shah 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 funding mix for this acquisition will include equity, internal accruals and debt financing. Post-acquisition, IndiGrid stated that its net debt-to-asset under management (AUM) ratio will be maintained at 62%, allowing room for further growth initiatives. "IndiGrid to acquire solar project and transmission asset in India" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
