Transrail Lighting’s board has approved the proposed acquisition of a 49 per cent equity stake in NOPL Pace Green Energy for a cash consideration of Rs. 200 mn. The transaction remains subject to requisite approvals and completion of agreed conditions. The investment is intended to give Transrail financial and project management control under arrangements with Onix Renewable.

NOPL is developing a 990 MW AC solar portfolio in Maharashtra under the PM-KUSUM scheme. The portfolio is supported by a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company at Rs. 3.10 per unit. The indicative total project cost is approximately Rs. 39 bn.

The agreement allows Transrail to increase its shareholding in NOPL, potentially up to 100 per cent, subject to mutually agreed terms and applicable approvals. The proposed investment will therefore provide the company with the option to expand its participation in the renewable energy project over time.

Transrail also reported new orders worth Rs. 9.27 bn, primarily in its domestic power transmission and distribution business. Following these awards, the company’s order intake for the year rose to Rs. 33.56 bn. The orders mainly comprise engineering, procurement and construction projects involving domestic 765 kV and 400 kV transmission lines.

The company also received conductor supply orders for the United States market as part of the latest wins. On October 14, it had announced new orders worth Rs. 4.08 bn. Transrail’s shares were quoted at Rs. 484.90 on the BSE at 9:18 am on October 21, up Rs. 34.20, or 7.59 per cent, from the previous close, as investors assessed the renewable energy acquisition and order additions.