IndiGrid Infrastructure Trust (IndiGrid) has signed definitive agreements to acquire Koppal Narendra Transmission Ltd, an operational ISTS transmission scheme, as well as a solar asset in Rajasthan.
In a release, IndiGrid said that it has executed agreements to acquire the two assets for an enterprise value (EV) of around Rs.2,108 crore, excluding any net working capital and cash adjustments. Inclusive of adjustments, the EV shall not exceed Rs.2,175 crore, the release said.
Koppal Narendra
The transmission asset, Koppal Narendra Transmission Ltd (KNTL), is a Build-Own-Operate-Maintain (BOOM) interstate transmission system (ISTS) project located in Karnataka. Operational since October 2023, KNTL comprises approximately 276 ckm of transmission lines and around 2,500 MVA of transformation capacity. The asset is jointly owned by ReNew Solar Power Pvt Ltd (51 per cent) and KNI India (49 per cent). KNI India, in turn, is 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 release noted.
Barmer solar project
The solar asset, Renew Solar Aayan Private Limited (RSAPL), is a 300-MW (AC) operational project located in Barmer, Rajasthan and operational since March 2024. It has a 25-year PPA with Solar Energy Corporation of India (SECI) at a fixed tariff of Rs.2.37 per unit. A wholly-owned subsidiary of ReNew Solar Power Pvt Ltd, RSAPL’s proximity to RSUPL – an asset acquired by IndiGrid in 2024 – offers strong operational synergies and strengthens the platform’s presence in the renewable segment.
Subject to regulatory and contractual approvals, IndiGrid will acquire 100 per cent shareholding and management control of both assets, in line with the provisions of the definitive and concession agreements and the Power Purchase Agreement (PPA), including lock-in obligations therein.
High-quality assets
Commenting on the acquisition, Harsh Shah, Managing Director of IndiGrid, said, “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. RSAPL and KNTL are both high-quality operational assets that deepen our presence in key geographies and enhance our portfolio’s diversification and are DPU accretive.”
Featured photograph is for representation only
