IndiGrid to acquire ReNew Solar Aayan, Koppal Transmission for Rs 2,108 Cr

As a part of the deal, IndiGrid will acquire 100% stake and management control of both ReNew Solar Aayan and Koppal Transmission.

Jun 7, 2025 - 19:20

IndiGrid to acquire ReNew Solar Aayan, Koppal Transmission for Rs 2,108 Cr

India’s first infrastructure investment trust (InvIT) in the power sector, IndiGrid, will be acquiring ReNew Solar Aayan and Koppal Narendra Transmission, in two separate transactions for about Rs 2,108 crore. Inclusive of the adjustments, the enterprise value will not exceed Rs 2,175 crore.

As a part of the deal, IndiGrid will acquire 100% stake and management control of both assets. ReNew Solar Aayan Private Ltd (RSAPL), a 300 MW (AC) operational solar power project located in Barmer, Rajasthan, a region known for high solar irradiation. The transmission asset, Koppal Narendra Transmission Limited (KNTL), is a build-own-operate-maintain inter-state transmission system project located in Karnataka.

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."

The acquisition will be funded through a combination of equity, internal accruals, and debt, a statement said. The net debt/AUM will be 62% post the acquisition, leaving adequate headroom for future growth, it added.

Operational since March 2024, RSAPL benefits from a long-term 25-year power ourchase agreement with Solar Energy Corporation of India at a fixed tariff of Rs 2.37 per unit. A 100 per cent subsidiary of ReNew Solar Power Private Limited, 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.

Operational since October 2023, KNTL comprises approximately 276 circuit kilometres of transmission lines and 2,500 MVA of transformation capacity.

The asset is jointly owned by ReNew Solar Power Private Limited (51%) and KNI India (49%), a joint venture between Norfund and KLP. With its location in a region witnessing rapid grid expansion, KNTL offers long-term augmentation potential for IndiGrid.

Edited by Swetha Kannan