+
IndiGrid to acquire two solar projects in AP
POWER & RENEWABLE ENERGY

IndiGrid to acquire two solar projects in AP

India’s first power sector infrastructure investment trust, IndiGrid, signed a securities purchase agreement for the acquisition of two solar projects of 50 MW capacity, each from Fotowatio Renewable Ventures (FRV), FRV Solar Holdings, a Madrid-based developer.

The cost of acquisition is totalled to be approximately Rs 660 crore that is subject to adjustment based on movement in cash, tariff receivables as well as outstanding liabilities on the date of valuation.

IndiGrid would acquire 100% shareholding as well as a management control in FRV-I and FRV-II. It is subject to the terms of the securities purchase as well as other relevant approvals.

FRV-I was incorporated on 4 July 2016. Currently, it operates a 50 MW solar project in Ananthapuramu Solar Park. It entered into a power purchase agreement on 5 October 2016, with Solar Energy Corporation of India (SECI) for nearly 25 years. It was commissioned in July 2018. Moreover, FRV-I recorded total revenue of Rs 47 crore for FY 19-20.

FRV-II was incorporated on 9 July 2016, and operates a similar power plant. It entered into a PPA on 5 October 2016 with SECI, for 25 years. The project was commissioned in January 2019. It recorded a total revenue of Rs 50 crore during FY 19-20.

According to BSE filing, Cyril Amarchand and PWC represented IndiGrid for its transaction whereas Khaitan and Company and Greenstone Advisors represented the FRV group for its transaction.

As per the company, the acquisition of solar assets is as per IndiGrid’s investment strategy. Additionally, it focuses on ensuring stable distribution to unitholders by owning assets in the long-term contracts. The completion would depend on receipt of relevant approvals and completing contractual obligations.

The project acquisitions in Q3 for 2020 were 244% higher at 9.5 GW compared to Q2’s 2.8 GW. Comparatively, acquisition activity was up 119% as compared to the same quarter last year.

India’s first power sector infrastructure investment trust, IndiGrid, signed a securities purchase agreement for the acquisition of two solar projects of 50 MW capacity, each from Fotowatio Renewable Ventures (FRV), FRV Solar Holdings, a Madrid-based developer.The cost of acquisition is totalled to be approximately Rs 660 crore that is subject to adjustment based on movement in cash, tariff receivables as well as outstanding liabilities on the date of valuation. IndiGrid would acquire 100% shareholding as well as a management control in FRV-I and FRV-II. It is subject to the terms of the securities purchase as well as other relevant approvals. FRV-I was incorporated on 4 July 2016. Currently, it operates a 50 MW solar project in Ananthapuramu Solar Park. It entered into a power purchase agreement on 5 October 2016, with Solar Energy Corporation of India (SECI) for nearly 25 years. It was commissioned in July 2018. Moreover, FRV-I recorded total revenue of Rs 47 crore for FY 19-20. FRV-II was incorporated on 9 July 2016, and operates a similar power plant. It entered into a PPA on 5 October 2016 with SECI, for 25 years. The project was commissioned in January 2019. It recorded a total revenue of Rs 50 crore during FY 19-20. According to BSE filing, Cyril Amarchand and PWC represented IndiGrid for its transaction whereas Khaitan and Company and Greenstone Advisors represented the FRV group for its transaction. As per the company, the acquisition of solar assets is as per IndiGrid’s investment strategy. Additionally, it focuses on ensuring stable distribution to unitholders by owning assets in the long-term contracts. The completion would depend on receipt of relevant approvals and completing contractual obligations. The project acquisitions in Q3 for 2020 were 244% higher at 9.5 GW compared to Q2’s 2.8 GW. Comparatively, acquisition activity was up 119% as compared to the same quarter last year.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Infrastructure Opportunity Outlook by IMPACCT.Info

India’s infrastructure pipeline is witnessing dynamic activity across stages — from immediate bidding to future planning. IMPACCT segments these into three categories: Immediate, 3–6 Month, and Future Opportunities, enabling businesses to identify, prepare, and participate in high-value tenders and projects across sectors.To read full article Click Here ..

Next Story
Real Estate

Glass, Reframed!

Glass façades, quintessential aesthetic building envelopes globally, have been widely adopted in India as well. But when the focus is high-performance building systems that deliver energy efficiency, comfort and architectural identity, glass isn’t the only preference. Combination solutions, involving glass and some other material, improve façade outcomes. Some combinations come at comparable prices, some at a higher price. Here is a selection of performance-oriented solutions...To read the full story Click Here ..

Next Story
Infrastructure Urban

Beyond Building Faster

India’s cities are expanding at an unprecedented pace, bringing new infrastructure and development opportunities while also intensifying challenges around mobility, public spaces, liveability and supporting infrastructure. The question, therefore, is not simply whether India can build faster, but whether it can build cities that work better.At a CW webinar, Are We Designing Better Cities – or Just Building Faster?, moderator Ar. Samir Shaikh, Founding Principal, AR&UD Studio, brought together perspectives from design, development, master planning and technology...To read the full artic..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code