IndiGrid InvIT completely acquires two solar assets of Footwatio

15 Jul 2021 CW Team

In December 2020, IndiGrid had signed a securities purchase contract to get the two solar projects of 50 MW capacity each from FRV Solar Holdings Limited and FRV. To finance the 100 MW solar projects, FVR raised $29 million in non-convertible debentures from the International Finance Corporation (IFC).

PriceWater Coopers, Cyril Amarchand and Mangaldas, and Mahindra Teqo advised IndiGrid on this acquisition. Greenstone Advisors served as the sell-side advisor on the transaction of FRV.

IndiGrid’s purchase of its first solar asset is the first renewable energy acquisition by any InvIT in India.

The financing of the acquisition would be via a combination of debt, internal accruals, and current rights issues. Following the acquisition, IndiGrid’s net debt or assets under administration is nearly 58%, giving enough headroom for growth against the 70% leverage threshold.

The portfolio of InvIT’s assets consists of 14 diversified power projects, including 40 transmission lines (7,570 km), 11 substations (13,550 MVA capacity), and 100 MW of solar projects over 18 states and one union territory (UT).

The acquired 100 MW solar projects are fully working and established in the high radiation region at the 400 MW Ananthapuramu Solar Park in Andhra Pradesh for a 25-year contractual time at a fixed tariff. The power purchase agreement (PPA) for both assets is now in a position with the Solar Energy Corporation of India (SECI).

The projects have been in the working position for more than two years. This acquisition follows IndiGrid’s plan to get solar projects with long-term PPAs, an operational track record, and financially strong counterparties, off-takers like NTPC and SECI.

Image Source

Also read: ITI Limited invites EoI for 1,000 off-grid solar projects

Also read: Reliance eyes acquisition of Norway solar module maker REC

IndiGrid, the Indian power sector's first infrastructure trust (InvIT), has acquired a 100% stake in two solar assets with a combined capacity of 100 MW from Fotowatio Renewable Ventures (FRV), a Madrid-based developer, at an industry value of Rs 6.6 billion. In December 2020, IndiGrid had signed a securities purchase contract to get the two solar projects of 50 MW capacity each from FRV Solar Holdings Limited and FRV. To finance the 100 MW solar projects, FVR raised $29 million in non-convertible debentures from the International Finance Corporation (IFC). PriceWater Coopers, Cyril Amarchand and Mangaldas, and Mahindra Teqo advised IndiGrid on this acquisition. Greenstone Advisors served as the sell-side advisor on the transaction of FRV. IndiGrid’s purchase of its first solar asset is the first renewable energy acquisition by any InvIT in India. The financing of the acquisition would be via a combination of debt, internal accruals, and current rights issues. Following the acquisition, IndiGrid’s net debt or assets under administration is nearly 58%, giving enough headroom for growth against the 70% leverage threshold. The portfolio of InvIT’s assets consists of 14 diversified power projects, including 40 transmission lines (7,570 km), 11 substations (13,550 MVA capacity), and 100 MW of solar projects over 18 states and one union territory (UT). The acquired 100 MW solar projects are fully working and established in the high radiation region at the 400 MW Ananthapuramu Solar Park in Andhra Pradesh for a 25-year contractual time at a fixed tariff. The power purchase agreement (PPA) for both assets is now in a position with the Solar Energy Corporation of India (SECI). The projects have been in the working position for more than two years. This acquisition follows IndiGrid’s plan to get solar projects with long-term PPAs, an operational track record, and financially strong counterparties, off-takers like NTPC and SECI. Image Source Also read: ITI Limited invites EoI for 1,000 off-grid solar projects Also read: Reliance eyes acquisition of Norway solar module maker REC

Infrastructure Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

Resources

16 Sep 2025

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Real Estate

16 Sep 2025

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..