IndiGrid Will Acquire ReNew’s 300 MW Solar Power Project in Rajasthan for $186.5 Million

India's first listed power sector infrastructure investment trust (InvIT), Indigrid, has signed a share purchase agreement to acquire ReNew Power's 300 MW solar project located in Rajasthan. The acquisition is valued at USD 199 million, including net working capital and cash.

The project, ReNew Solar Urja Pvt Ltd (RSUPL), was commissioned in December 2021 and has a 25-year power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) at a fixed tariff of INR 2.71 per unit.

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This acquisition is aligned with IndiGrid's strategy of investing in operational renewable energy assets with long-term PPAs. It will also help ReNew Power recycle capital and invest in higher-return opportunities.

This acquisition strengthens IndiGrid's portfolio of operational renewable energy assets, providing stable and predictable cash flows.

About IndiGrid

IndiGrid is India's first and largest Infrastructure Investment Trust (InvIT) in the power transmission sector. It owns, operates, and manages power transmission networks and renewable energy assets that deliver reliable power throughout India. 

IndiGrid owns a diversified portfolio of 46 operational power transmission lines across 17 states and 1 Union Territory, spanning over 7,570 circuit kilometers. It also has 13 substations with a total capacity of 13,550 MVA and 18 operational solar projects with a total capacity of 3 MW (AC).

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