The project is currently owned by ReNew Transmission Ventures Private Ltd (RTVPL) with a 51 per cent stake and KNI India AS with 49 per cent—KNI being a joint venture between Norfund and KLP. Following completion, IndiGrid will assume full ownership and management control in line with the definitive and concession agreements, including lock-in provisions.

Managing Director Harsh Shah said the acquisition aligns with IndiGrid’s strategy to operate critical grid assets supporting India’s clean-energy transition. “Gadag Transmission plays a pivotal role in evacuating renewable energy from one of the country’s largest solar zones,” he said.

The acquisition will be financed through equity, internal accruals and debt. Post-transaction, IndiGrid’s net debt-to-AUM ratio will stand at 60.5 per cent, providing capacity for future expansion. Shares of IndiGrid Infrastructure Trust closed at Rs 168.50, up Rs 0.05 or 0.03 per cent.