Latest news with #HarshShah
Yahoo
09-06-2025
- Business
- Yahoo
IndiGrid to acquire solar project and transmission asset in India
IndiGrid has announced its plan to acquire the solar project ReNew Solar Aayan, located in Rajasthan, and Koppal Narendra Transmission in Karnataka. The two transactions have a total value of approximately Rs21.08bn ($250m), as reported by the Economic Times. This excludes net working capital and cash adjustments. ReNew Solar Aayan Private Limited (RSAPL) is a 300MW alternating current solar project in Rajasthan's Barmer, an area with high solar radiation. Since March 2024, the operational project has had a secure revenue stream through a 25-year long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) at Rs2.37 per unit As a wholly-owned subsidiary of ReNew Solar Power Private Limited, RSAPL benefits from its proximity to RSUPL, an asset bought by IndiGrid in 2024. This acquisition is expected to enhance operational synergies and bolster IndiGrid's position in the renewable energy sector. Koppal Narendra Transmission is a build-own-operate-maintain interstate transmission system (ISTS) venture that has been operational since October 2023 in Karnataka. It features 276 circuit kilometres of transmission lines and has a transformation capacity of 2,500 mega volt-amperes. The ownership of this asset is split between ReNew Solar Power with a 51% stake and KNI India with the remaining 49%. KNI India is a joint venture formed by Norfund and KLP. IndiGrid will secure complete ownership and managerial authority over both entities. IndiGrid managing director Harsh Shah stated: "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 funding mix for this acquisition will include equity, internal accruals and debt financing. Post-acquisition, IndiGrid stated that its net debt-to-asset under management (AUM) ratio will be maintained at 62%, allowing room for further growth initiatives. "IndiGrid to acquire solar project and transmission asset in India" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
09-06-2025
- Business
- Yahoo
IndiGrid to acquire solar project and transmission asset in India
IndiGrid has announced its plan to acquire the solar project ReNew Solar Aayan, located in Rajasthan, and Koppal Narendra Transmission in Karnataka. The two transactions have a total value of approximately Rs21.08bn ($250m), as reported by the Economic Times. This excludes net working capital and cash adjustments. ReNew Solar Aayan Private Limited (RSAPL) is a 300MW alternating current solar project in Rajasthan's Barmer, an area with high solar radiation. Since March 2024, the operational project has had a secure revenue stream through a 25-year long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) at Rs2.37 per unit As a wholly-owned subsidiary of ReNew Solar Power Private Limited, RSAPL benefits from its proximity to RSUPL, an asset bought by IndiGrid in 2024. This acquisition is expected to enhance operational synergies and bolster IndiGrid's position in the renewable energy sector. Koppal Narendra Transmission is a build-own-operate-maintain interstate transmission system (ISTS) venture that has been operational since October 2023 in Karnataka. It features 276 circuit kilometres of transmission lines and has a transformation capacity of 2,500 mega volt-amperes. The ownership of this asset is split between ReNew Solar Power with a 51% stake and KNI India with the remaining 49%. KNI India is a joint venture formed by Norfund and KLP. IndiGrid will secure complete ownership and managerial authority over both entities. IndiGrid managing director Harsh Shah stated: "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 funding mix for this acquisition will include equity, internal accruals and debt financing. Post-acquisition, IndiGrid stated that its net debt-to-asset under management (AUM) ratio will be maintained at 62%, allowing room for further growth initiatives. "IndiGrid to acquire solar project and transmission asset in India" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
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Business Standard
07-06-2025
- Business
- Business Standard
IndiGrid to acquire 300 MW solar project, transmission asset for ₹2,108 cr
The solar asset, Renew Solar Aayan Private Ltd (RSAPL), is a 300 MW (AC) operational project located in Barmer, Rajasthan, a region known for high solar irradiation Press Trust of India New Delhi IndiGrid on Saturday said it will acquire ReNew Solar Aayan, a 300 MW (AC) solar project, 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, a statement said. IndiGrid announced the execution of definitive agreements to acquire one solar and one transmission asset, aggregating to an enterprise value of approximately Rs 2,108 crore, excluding any net working capital and cash adjustments, it added. The solar asset, Renew Solar Aayan Private Ltd (RSAPL), is a 300 MW (AC) operational project located in Barmer, Rajasthan, a region known for high solar irradiation. The project has been operational since March 2024 and benefits from a long-term 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) 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. The transmission asset, Koppal Narendra Transmission Limited (KNTL), is a Build-Own-Operate-Maintain (BOOM) Inter-State Transmission System (ISTS) project located in Karnataka. 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 per cent) and KNI India (49 per cent), 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. 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, it stated. 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". This acquisition will be funded through a combination of equity, internal accruals, and debt, the statement said. The net debt/AUM will be 62 per cent post this acquisition, leaving adequate headroom for future growth, it added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
07-06-2025
- Business
- Time of India
IndiGrid to acquire transmission, solar assets for Rs 2,100 cr
IndiGrid on Saturday said it will acquire ReNew Solar Aayan , a 300 MW (AC) solar project, 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, a statement said. IndiGrid announced the execution of definitive agreements to acquire one solar and one transmission asset , aggregating to an enterprise value of approximately Rs 2,108 crore, excluding any net working capital and cash adjustments, it added. The solar asset, Renew Solar Aayan Private Ltd (RSAPL), is a 300 MW (AC) operational project located in Barmer, Rajasthan, a region known for high solar irradiation. The project has been operational since March 2024 and benefits from a long-term 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at a fixed tariff of Rs 2.37 per unit. Live Events 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. The transmission asset, Koppal Narendra Transmission Limited (KNTL), is a Build-Own-Operate-Maintain (BOOM) Inter-State Transmission System (ISTS) project located in Karnataka. 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 per cent) and KNI India (49 per cent), 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. 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, it stated. 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". This acquisition will be funded through a combination of equity, internal accruals, and debt, the statement said. The net debt/AUM will be 62 per cent post this acquisition, leaving adequate headroom for future growth, it added.
The Hindu
07-06-2025
- Business
- The Hindu
IndiGrid to acquire solar, transmission assets for ₹2,108 crore
IndiGrid, a power sector infrastructure investment trust (InvIT), announced the execution of definitive agreements to acquire one solar and one transmission asset, aggregating to an Enterprise Value (EV) of about ₹2,108 crore, excluding any net working capital and cash adjustments. Inclusive of the adjustments the EV will not exceed ₹2,175 crore, IndiGrid said in a statement. The solar asset, Renew Solar Aayan Private Ltd (RSAPL), is a 300 MW (AC) operational project located in Barmer, Rajasthan. The transmission asset, Koppal Narendra Transmission Ltd (KNTL), is a Build-Own-Operate-Maintain (BOOM) Inter-State Transmission System (ISTS) project located in Karnataka. Subject to regulatory and contractual approvals, IndiGrid will acquire 100% 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. Harsh Shah, Managing Director, 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,' he said. 'As the sector continues to evolve, IndiGrid remains focused on building a future-ready platform that supports the nation's energy ambitions while delivering sustained value to our unitholders,' he added. This acquisition will be funded through a combination of equity, internal accruals, and debt. The net debt/AUM will be 62% post this acquisition, leaving adequate headroom for future growth.
