IndiGrid, India’s first and largest publicly listed power sector infrastructure investment trust (InvIT), has executed a share purchase agreement to acquire ReNew’s 300 MW (AC) solar project in Rajasthan for INR 13,820 million.
The solar asset, Renew Solar Aayan Pvt Ltd (RSAPL), is an operational project located in the Barmer district. The project has been operational since March 2024 and benefits from a long-term 25-year power purchase agreement (PPA) with Solar Energy Corp of India (SECI) at a fixed tariff of INR 2.37 per kWh. Its FY 2025 revenue is expected to be INR 163 crore.
“The acquisition of the aforesaid solar asset would be in line with IndiGrid’s investment strategy.. with a focus to ensure stable distribution to unitholders by owning assets with long term contracts,” stated IndiGrid. “RSAPL’s proximity to ReNew Solar Urja Pvt Ltd (RSUPL)—an asset acquired by IndiGrid in 2024—offers strong operational synergies and strengthens the platform’s presence in the renewable segment.”
IndiGrid had previously signed a share purchase agreement to acquire RSUPL—another 300 MW solar asset from ReNew—in January 2024.
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