IndiGrid Wraps Up Acquisition of 300 MW Solar Power Plant

IndiGrid’s solar portfolio crosses 1 GWp capacity with the acquisition of a 300 MW solar plant in Rajasthan.

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IndiGrid announced that it has completed transaction of 300 MW AC solar asset for an enterprise valuation of INR 15,500 million, exclusive of net working capital and cash adjustments, in line with the share purchase agreement that was signed in January 2024.

With this asset addition, IndiGrid’s portfolio now consists of 19 solar projects across 8 states of the country with a total generation capacity of 1.1 GWp. IndiGrid’s total assets under management now stand at INR 282 billion.

This acquisition has been funded through a combination of equity, internal accruals, and debt and will add INR 800 million of net distributable cash flow, to IndiGrid, every year. The net debt/AUM will be 63% post this acquisition.

Operational since December 2021, ReNew Solar Urja Private Limited (RSUPL) is located in the high irradiation region of Jaisalmer, Rajasthan, and benefits from a 25-year power purchase agreement (PPA) with Solar Energy Corporation of India (SECI) to sell power generated at a tariff of INR 2.71 per kWh. RSUPL is a strategic addition to IndiGrid’s portfolio as it would be the largest capacity project located at a single site for the company.

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