IndiGrid to acquire two solar projects in AP

23 Dec 2020 CW Team

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.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

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.

Resources

03 Jun 2026

Jyoti Structures Launches Heat Safety Drive Across Sites

Jyoti Structures (JSL) has strengthened heat safety measures across its project sites and manufacturing facilities as temperatures rise across India. The company has implemented a Summer Safety Plan covering all transmission line projects to address risks related to heat stress, dehydration and worker fatigue.The initiative includes rescheduling work away from peak afternoon temperatures, provision of drinking water, ORS and lemon-salt solutions, and installation of rest shelters near work areas. Daily toolbox talks, worker health monitoring, first-aid preparedness, emergency transport arrange..

Real Estate

03 Jun 2026

MHADA Declares 82 Buildings Most Dangerous in Central and South Mumbai

The Maharashtra Housing and Area Development Authority (MHADA) has declared 82 buildings as most dangerous across Central and South Mumbai and has appealed to residents to vacate immediately. The list, prepared after structural assessments by the authority, identifies buildings judged to pose imminent risk to occupants and to passersby. Local civic bodies have been asked to coordinate evacuations and to make arrangements for temporary shelter and rehabilitation for displaced households. Officials said the authority prioritised buildings with visible structural distress, severe cracking, tiltin..

Infrastructure Transport

03 Jun 2026

Damage Reported At Halwara Airport Terminal After First Rains

Severe damage was reported at the terminal of Halwara Airport during the first major rain spell of the season, prompting immediate concern among aviation and local authorities. Images from the site showed water ingress and visible deterioration of the terminal interior, affecting passenger areas and ancillary services. The airport authority suspended certain operations temporarily to assess structural safety and ensure passenger wellbeing. Preliminary inspections have prioritised electrical systems and roof seals to prevent further water ingress. State aviation officials ordered a formal inqui..