IndiGrid to Acquire Solar and Transmission Assets Worth ?2,108 Crore, Strengthens Green Energy Portfolio

10 Jun 2025

IndiGrid has announced the acquisition of two key infrastructure assetsa 300?MW solar project in Rajasthan and the Koppal Narendra transmission project in Karnataka for approximately ?2,108 crore, with the total enterprise value capped at ?2,175 crore. The solar asset, ReNew Solar Aayan, operational since March 2024, has a 25-year PPA with SECI at ?2.37/unit. The transmission asset, KNTL, operational since October 2023, spans 276 circuit kilometers and 2,500 MVA capacity. IndiGrid will take full ownership of both assets, enhancing its renewable and transmission portfolio. The deal will be funded through a mix of equity, internal accruals, and debt, keeping IndiGrid’s net debt-to-AUM ratio at 62%.

The first asset, ReNew Solar Aayan Private Limited (RSAPL), is a fully operational 300?MW (AC) solar project located in Barmer, Rajasthan, a region with high solar potential. Commissioned in March 2024, the project has a long-term 25-year Power Purchase Agreement (PPA) with SECI at a fixed tariff of ?2.37 per unit. Its proximity to another solar asset previously acquired by IndiGrid offers strong operational synergies and cost efficiencies.

The second asset, Koppal Narendra Transmission Limited (KNTL), is an inter-state transmission project developed under the Build-Own-Operate-Maintain (BOOM) model. Located in Karnataka, it has been operational since October 2023 and consists of 276 circuit kilometers of transmission lines and 2,500 MVA of transformation capacity. KNTL is currently a joint venture between ReNew Solar Power (51%) and KNI India (49%), a partnership between Norfund and KLP. IndiGrid will acquire full ownership and control of both assets, subject to regulatory approvals. The transaction will be financed through a combination of equity, internal accruals, and debt, and will maintain IndiGrid’s net debt-to-AUM ratio at 62%, ensuring capacity for further expansion.