Overview

• On June 7, 2025, IndiGrid signed definitive agreements to acquire ReNew Solar Aayan and Koppal Narendra Transmission for a combined enterprise value of about Rs2,108 crore, subject to regulatory and contractual approvals.
• ReNew Solar Aayan is a 300 MW (AC) solar project in Barmer, Rajasthan, operational since March 2024 under a 25-year Power Purchase Agreement with the Solar Energy Corporation of India at Rs2.37 per unit.
• Koppal Narendra Transmission is a Build-Own-Operate-Maintain inter-state transmission system in Karnataka, operational since October 2023 with roughly 276 circuit kilometres of lines and 2,500 MVA of transformation capacity.
• The acquisitions will be funded through a mix of equity, internal accruals and debt, leaving IndiGrid with a net debt-to-assets ratio of 62% post-deal.
• Proximity to its existing Rajasthan solar assets and expansion into transmission infrastructure are expected to deliver operational synergies and bolster grid stability