Transrail Lighting Limited (BSE: 544317; NSE: TRANSRAILL), a leading engineering, procurement and construction (EPC) company in the power transmission and distribution sector, has approved a proposed investment of ₹20 crore to acquire a 49% equity stake in NOPL Pace Green Energy Private Limited (NOPL), marking its planned entry into renewable power generation. NOPL is developing a solar power portfolio of approximately 990 MW (AC) in Maharashtra under Component C of the Government of India’s PM-KUSUM scheme. The projects are intended to support the solarisation of agricultural feeders and improve daytime electricity availability for irrigation.
The portfolio is backed by a 25-year Power Purchase Agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL), at a fixed tariff of ₹3.10 per unit. The indicative total project cost is approximately ₹3,900 crore, with debt financing sanctioned by a reputed financial institution, subject to applicable financing and disbursement conditions.
The proposed investment remains subject to requisite approvals and fulfilment of agreed conditions. Although Transrail will initially hold a 49% equity stake, the transaction structure provides for financial and project management control under arrangements agreed with Onix Renewable Limited. Transrail may also increase its shareholding to as much as 100%, subject to mutually agreed terms and applicable approvals.
The investment represents a strategic expansion beyond Transrail’s established EPC operations, enabling the company to participate in renewable power generation alongside its existing transmission, distribution and manufacturing businesses. Its experience in engineering, procurement, project management and execution of large infrastructure projects is expected to support implementation of the solar portfolio.
Commenting on the development, Randeep Narang, Managing Director and CEO of Transrail Lighting Limited, said, “This is an important step in our journey from an EPC company to an integrated energy solutions provider. Our entry into solar power generation lets us participate across the full energy value chain from generation to transmission & distribution apart from our strong manufacturing base for Transmission products. We are proud to foray in India’s rapid growth renewable energy market. On completion of this project, it will contribute towards supply of reliable & green power to farmers easing irrigation and contributing to nations development. We as Transrail will bring speed to the project with our vast experience in managing large infra projects. Such projects will bring steady long-term revenues and margins which will further strengthen our overall growth.”
The proposed venture is expected to provide opportunities for participation across project execution and long-term power generation, with recurring revenue potential following commissioning. It also supports Transrail’s objective of broadening its business mix and strengthening its long-term growth prospects.
Transrail Lighting Limited is a turnkey EPC company with approximately four decades of experience, primarily in power transmission and distribution. Operating in more than 60 countries across six continents, the company provides design, engineering, manufacturing, construction, testing and commissioning services across transmission lines, substations, civil construction, railways, solar and pole and lighting businesses. Its manufacturing capabilities include galvanised lattice towers, overhead conductors, high-temperature low-sag (HTLS) conductors and galvanised monopoles, supported by an accredited tower testing facility.
