IndiGrid set to purchase ReNew's 300 MW Rajasthan solar project

10 Jan 2024 CW Team

The solar project, known as ReNew Solar Urja (RSUPL), situated in Jaisalmer, has been operational since December 2021 and holds a 25-year power purchase agreement with Solar Energy Corporation of India (SECI) at Rs 2.71/kWh.

Having been operational and generating revenue for the past two years, the solar project achieved a net plant load factor of 27.42% in the fiscal year 2022-23.

Harsh Shah, the Chief Executive Officer and Whole Time Director of IndiGrid, expressed confidence in the strategic value of renewable energy projects in India's energy transition. He stated, "RSUPL is a high-quality solar generation asset located in one of the highest irradiation regions of India with a reasonable operating track record. In line with our strategic focus, RSUPL will help us ensure sustainable growth of our portfolio and aid in long-term cash-flow addition."

In adherence to the terms of the definitive agreements and the power purchase agreement (PPA), IndiGrid will acquire a 100% shareholding and management control of RSUPL, as outlined in the lock-in restrictions.

Kailash Vaswani, the Group CFO of ReNew, affirmed the commitment to disciplined capital allocation and shareholder value enhancement through asset recycling. He stated, "This reaffirms our ability to unlock value through the sale of assets and pursue more lucrative opportunities."

Upon the completion of the transaction and the transfer of outstanding debt to the buyer, it is anticipated that the cash inflow for ReNew will be approximately $ 82 million, inclusive of change-in-law proceeds.

Notably, in July of the previous year, ReNew entered into a 50:50 joint venture agreement with Gentari, a clean energy solutions provider, to develop solar, wind, and energy storage assets, aiming to achieve a clean power capacity target of 5 GW in India.

Additionally, earlier this month, IndiGrid secured letters of intent from REC Power Development and Consultancy for the construction of two greenfield interstate transmission projects.

IndiGrid, the power infrastructure investment trust, has recently entered into a share purchase agreement to acquire ReNew's 300 MW (AC) solar project in Rajasthan. The enterprise valuation for this acquisition is Rs 15.5 billion, including working net capital and cash, totaling Rs 16.5 billion. The solar project, known as ReNew Solar Urja (RSUPL), situated in Jaisalmer, has been operational since December 2021 and holds a 25-year power purchase agreement with Solar Energy Corporation of India (SECI) at Rs 2.71/kWh. Having been operational and generating revenue for the past two years, the solar project achieved a net plant load factor of 27.42% in the fiscal year 2022-23. Harsh Shah, the Chief Executive Officer and Whole Time Director of IndiGrid, expressed confidence in the strategic value of renewable energy projects in India's energy transition. He stated, RSUPL is a high-quality solar generation asset located in one of the highest irradiation regions of India with a reasonable operating track record. In line with our strategic focus, RSUPL will help us ensure sustainable growth of our portfolio and aid in long-term cash-flow addition. In adherence to the terms of the definitive agreements and the power purchase agreement (PPA), IndiGrid will acquire a 100% shareholding and management control of RSUPL, as outlined in the lock-in restrictions. Kailash Vaswani, the Group CFO of ReNew, affirmed the commitment to disciplined capital allocation and shareholder value enhancement through asset recycling. He stated, This reaffirms our ability to unlock value through the sale of assets and pursue more lucrative opportunities. Upon the completion of the transaction and the transfer of outstanding debt to the buyer, it is anticipated that the cash inflow for ReNew will be approximately $ 82 million, inclusive of change-in-law proceeds. Notably, in July of the previous year, ReNew entered into a 50:50 joint venture agreement with Gentari, a clean energy solutions provider, to develop solar, wind, and energy storage assets, aiming to achieve a clean power capacity target of 5 GW in India. Additionally, earlier this month, IndiGrid secured letters of intent from REC Power Development and Consultancy for the construction of two greenfield interstate transmission projects.

Infrastructure Urban

17 Sep 2025

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

Real Estate

17 Sep 2025

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

Infrastructure Transport

17 Sep 2025

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..