IndiGrid Buys Solar, Transmission Assets Worth Rs 21 Billion

11 Jun 2025 CW Team

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.

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.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Infrastructure Energy

06 Apr 2026

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

Real Estate

06 Apr 2026

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..