IndiGrid Expands Footprint with Major Solar and Transmission Acquisitions
IndiGrid is set to acquire ReNew Solar Aayan, a 300 MW solar project, and Koppal Narendra Transmission for Rs 2,108 crore. The acquisition, intended to enhance grid infrastructure, supports IndiGrid's strategy to bolster energy stability. The transaction will be financed through equity, internal funds, and debt.
- Country:
- India
IndiGrid announced plans on Saturday to acquire a 300 MW solar project and a key transmission asset, with the total transaction amounting to approximately Rs 2,108 crore. This move advances IndiGrid's strategic focus on enhancing the country's renewable energy infrastructure.
The solar facility, ReNew Solar Aayan, operates in Barmer, Rajasthan, under a 25-year Power Purchase Agreement, while the Koppal Narendra Transmission Limited project, located in Karnataka, represents a strategic investment in inter-state grid expansion. Both assets hold significant potential for future growth and operational synergies.
Financing for the acquisition will involve a mix of equity, internal accruals, and debt. Following the acquisition, IndiGrid's net debt to asset under management ratio will stand at 62 per cent, ensuring capacity for further expansion.
(With inputs from agencies.)
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