IndiGrid, a KKR-backed infrastructure investment trust, has announced the acquisition of two assets—one solar and one transmission—from ReNew Energy at a combined enterprise value of Rs 21.08 billion. The deal, funded through a mix of equity, internal accruals, and debt, will result in a net debt to AUM ratio of 62 per cent, maintaining sufficient headroom for future expansion.The solar asset, Renew Solar Aayan Private Ltd, is a 300 MW operational project located in Barmer, Rajasthan. Commissioned in March 2024, the plant has a 25-year power purchase agreement with the Solar Energy Corporation of India (SECI) at a fixed tariff of Rs 2.37 per unit. It is a wholly owned subsidiary of ReNew Solar Power Private Ltd and is situated near another asset previously acquired by IndiGrid, enhancing operational synergies and strengthening IndiGrid's renewable portfolio.The second acquisition, Koppal Narendra Transmission Limited (KNTL), is an inter-state transmission system project located in Karnataka. Operational since October 2023, KNTL includes approximately 276 circuit kilometres of transmission lines and 2,500 MVA of transformation capacity. Originally a joint venture between ReNew Solar Power (51 per cent) and KNI India (49 per cent)—a partnership between Norfund and KLP—IndiGrid will now assume complete ownership and management control of the asset.IndiGrid stated that the transmission project’s location in a high-growth grid expansion region offers long-term augmentation potential. Both acquisitions are aligned with definitive and concession agreements and the PPA, including adherence to lock-in obligations.Managing Director Harsh Shah commented that the acquired assets are of high quality and will enhance geographical presence, portfolio diversity, and distribution per unit (DPU) accretion.IndiGrid currently holds 41 power projects, comprising 49 transmission lines spanning over 9,000 circuit kilometres, 15 substations with 22,550 MVA transformation capacity, 855 MWac of solar generation, and 450 MW of battery energy storage. Its total assets under management exceed USD 3.5 billion.