IndiGrid [BSE: 540565 | NSE: INDIGRID], India’s first and largest listed power sector infrastructure investment trust (InvIT), today announced that it has consummated 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 stands 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 has a 25-year Purchase Power Agreement (PPA) with Solar Energy Corporation of India (SECI) to sell power generated at a tariff of INR 2.71 per unit. 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.
Commenting on the acquisition, Harsh Shah, Chief Executive Officer, and Whole Time Director of IndiGrid, said,” Energy Transition in India is progressing at a rapid pace as the country works towards achieving its Net Zero commitments. Renewable generation is strategically positioned to play a pivotal role in this journey in the coming years. RSUPL is a high-quality asset and will add accretive NDCF for IndiGrid. We are excited to about this transaction as it is in-line with our objective to be a sustainable and superior risk-adjusted yield platform for our investors.”
About IndiGrid:
IndiGrid [BSE: 540565 | NSE: INDIGRID] is the first Infrastructure Investment Trust (“InvIT”) in the Indian power sector. It owns 36 power projects, consisting of 46 transmission lines with more than ~8,468 ckms length, 13 substations with ~17,550 MVA transformation capacity and ~855 MWAC (~1.1 GWp) of solar generation capacity. IndiGrid has assets under management (AUM) of over ~₹ 282 billion (~USD 3.4 billion). The investment manager of IndiGrid is wholly owned by KKR.
For more details, please visit www.indigrid.co.in
