IndiGrid announced on Saturday that it will acquire two major assets—a 300 MW (AC) solar project, ReNew Solar Aayan, and Koppal Narendra Transmission—through two separate transactions totaling approximately Rs 2,108 crore. Including adjustments, the total enterprise value will not exceed Rs 2,175 crore, according to the company’s statement. IndiGrid confirmed the execution of definitive agreements to acquire these assets, which represent a significant expansion of its renewable energy and transmission portfolio.
The solar project, ReNew Solar Aayan Private Ltd (RSAPL), is a 300 MW (AC) operational facility located in Barmer, Rajasthan, a region known for high solar energy potential. The project has been generating power 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. RSAPL is a wholly owned subsidiary of ReNew Solar Power Private Limited, and its proximity to another asset acquired by IndiGrid in 2024 offers strong operational synergies, further enhancing IndiGrid’s position in the renewable energy sector.
The second asset, Koppal Narendra Transmission Limited (KNTL), is a Build-Own-Operate-Maintain (BOOM) Inter-State Transmission System (ISTS) located in Karnataka. The transmission project has been operational since October 2023 and includes 276 circuit kilometers of transmission lines and 2,500 MVA of transformation capacity. KNTL is a joint venture between ReNew Solar Power Private Limited (51%) and KNI India (49%), which is a partnership between Norfund and KLP. Given its location in an area with rapidly expanding grid infrastructure, KNTL offers significant long-term growth potential for IndiGrid.
Subject to necessary regulatory and contractual approvals, IndiGrid will acquire full ownership and management control of both the solar and transmission assets. The acquisition aligns with the provisions of the definitive and concession agreements, as well as the terms of the PPA and any lock-in obligations.
Harsh Shah, Managing Director of IndiGrid, commented, “These acquisitions are in line with our long-term strategy to invest in and operate critical infrastructure that supports grid stability and energy accessibility.” The transaction will be financed through a mix of equity, internal funds, and debt. Following the acquisition, IndiGrid’s net debt to assets under management (AUM) ratio will stand at 62%, providing ample capacity for future growth.
IndiGrid is India’s first Infrastructure Investment Trust (InvIT) in the power sector, pioneering a new model of infrastructure investment. The trust owns a diversified portfolio of 41 power assets, including 49 transmission lines spanning over ~8,700 circuit kilometers, and 15 substations with a combined transformation capacity of ~22,550 MVA. In addition to its transmission infrastructure, IndiGrid has expanded into clean energy with approximately 855 MWAC (~1.1 GWp) of solar power capacity and 450 MW / 900 MWh of Battery Energy Storage Systems (BESS).
With assets under management (AUM) exceeding ₹294 billion (~USD 3.4 billion), IndiGrid plays a critical role in enhancing India’s energy infrastructure and supporting the country’s transition to a more sustainable power ecosystem. Its diverse and strategically located assets contribute to grid stability and energy accessibility across regions.
The investment manager of IndiGrid is a wholly owned subsidiary of global investment firm KKR, reinforcing IndiGrid’s institutional strength, governance, and long-term growth potential in India’s evolving energy landscape.
