Transrail Lighting plans entry in renewable energy segment, to acquire 49 per cent stake in NOPL
- October 20, 2026
Transrail Lighting Ltd announced that its board of directors has approved the proposed acquisition of a 49 per cent equity stake in NOPL Pace Green Energy Pvt Ltd (NOPL), at a cash consideration of Rs.20 crore, subject to the requisite approvals and completion of agreed conditions.
NOPL’s 990-MW portfolio
NOPL is developing an aggregate solar power portfolio of approximately 990 MW (AC) in Maharashtra under Component C of the Government of India’s PM-KUSUM scheme. The project is intended to support the solarisation of agricultural feeders and improve the availability of daytime electricity for irrigation.
The portfolio is backed by a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) at a fixed tariff of Rs.3.10 per kWh. The indicative total project cost is approximately Rs.3,900 crore, and debt financing has been sanctioned by reputed financial institution, subject to applicable financing and disbursement conditions.
Although Transrail will initially acquire a 49 per cent equity stake, the investment is structured to provide the company with financial and project management control under the agreed arrangements with Onix Renewable Limited. The agreement also provides flexibility for Transrail to increase its shareholding, potentially up to 100 per cent, subject to mutually agreed terms and applicable approvals, a release by Transrail Lighting said.
Strategic benefits
The release note that the proposed investment is expected to provide several strategic benefits:
- Entry into renewable power generation: Participation in a large solar portfolio with a long-term contracted power offtake arrangement.
- Leveraging existing expertise: Application of Transrail’s capabilities in engineering, procurement, project management and execution of large power infrastructure projects.
- Participation across the value chain: Opportunities in project implementation as well as long-term returns from ownership of a renewable power generation asset.
- Diversification: Expansion beyond the EPC business into renewable power generation, with the potential for recurring earnings after commissioning.
From EPC to integrated solutions
Commenting on the development, Randeep Narang, Managing Director & CEO, Transrail 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.”
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