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IndiGrid Acquires ReNew’s Solar and Transmission Assets for Rs2,108 Crore

IndiGrid, the KKR-backed infrastructure investment trust, has entered into definitive agreements to acquire two operational assets from ReNew Energy — a 300 MW solar power project in Barmer, Rajasthan, and an inter-state transmission project in Karnataka — for a total enterprise value of Rs2,108 crore. The acquisition will be financed through a mix of equity, internal accruals, and debt, resulting in a net debt to AUM ratio of 62%, leaving room for further expansion.

The solar project, Renew Solar Aayan Private Ltd, began operations in March 2024 and has a 25-year PPA with SECI at a fixed tariff of Rs2.37/unit. The transmission asset, Koppal Narendra Transmission Limited (KNTL), became operational in October 2023 and includes 276 circuit km of transmission lines and 2,500 MVA of transformation capacity. KNTL is a joint venture between ReNew Solar Power and KNI India (a Norfund and KLP JV).

IndiGrid will assume full ownership and management control of both assets, aiming to leverage operational synergies, enhance regional presence, and improve portfolio diversification. The company now owns 41 power assets including transmission lines, substations, solar projects, and battery energy storage systems. This acquisition further strengthens IndiGrid’s position as a key player in India’s energy infrastructure sector.