ReNew Solar Power Private Limited and ReNew Transmission Ventures Private Limited, subsidiaries of ReNew Power have signed definitive agreements with IndiGrid Infrastructure Trust for the sale of two major renewable energy assets.
The deal includes a 300 MW solar project in Barmer, Rajasthan (ReNew Solar Aayan), operating under a 25-year power purchase agreement at ₹2.37 per kWh, and the Koppal–Narendra Transmission project in Karnataka comprising a 276 ckm interstate transmission line. The transaction marks a strategic monetisation of mature assets by ReNew, allowing it to redeploy capital into newer high-growth segments such as offshore wind and green hydrogen.
These acquisitions will be completed through two separate transactions at a combined enterprise value of over ₹2,100 crore.
Anagram Partners acted as the legal advisor to ReNew on this transaction.
The transaction team was led by Simone Reis (Partner) and comprised Shwetank Chaubey (Principal Associate) and Nilomi Doshi (Senior Associate).
JSA Advocates & Solicitors acted as the legal Advisor for IndiGrid on this transaction. The Firm's role included structuring the transaction, which entailed the exit of joint venture shareholders in KNTL (RTVPL and KNI India AS), negotiating, and finalizing definitive documents for the transactions, while also identifying key project development and regulatory risks and suggesting optimal mitigation measures.
The transaction team was led by Vishnu Sudarsan (Lead Partner), along with Shashank Vikram Singh (Partner) and Kartikeya GS (Partner) who were supported by Siddhant Thakar (Senior Associate), Mehar Vasant (Senior Associate), Priyanka Barik (Senior Associate), Ravneet Gill (Associate), Vignesh Ravichandran (Associate), Komal Karnik (Associate). They were assisted by:
JSA Dispute team: Poonam Verma Sengupta (Partner) and Sakshi Kapoor (Senior Associate).
JSA Real Estate team: Upendra Nath Sharma (Partner), Bharat Bushan Sharma (Partner) and Mohit Aggarwal (Principal Associate).
JSA Competition team: Vaibhav Choukse (Partner) and Ela Bali (Partner).
TT&A advised KNI India AS, an existing shareholder in Koppal-Narendra Transmission Limited, in sale of its aggregate shareholding of 49% in KNTL to IndiGrid.
The transaction team consisted of Dushyant Bagga (Partner), Pooja Menon (Managing Associate) and Prerna Raturi (Senior Associate).
ReNew Energy Global plc is a leading decarbonisation solutions company listed on the NASDAQ. In addition to the ReNew group being a major independent power producer in India, the ReNew group provides end-to-end solutions in the areas of clean energy, value-added energy offerings through digitalisation, storage, and carbon markets that increasingly are integral to addressing climate change.
IndiGrid is India's first listed power sector Infrastructure Investment Trust (InvIT) established in 2016. It owns, operates, and manages power transmission, renewable generation, and energy storage assets that deliver reliable power throughout India. Sponsored by KKR and listed on Indian stock exchanges, IndiGrid operates with the objective to empower the nation by delivering reliable power to each and every home while also creating value for its investors.
For IndiGrid, the acquisition enhances its renewable and transmission asset portfolio with stable, income-generating projects backed by long-term contracts. The investment trust plans to finance the deal through a mix of equity, internal accruals, and debt, including issuance of ₹4,200 crore in AAA-rated debentures. The addition of these assets, which offer geographic and operational synergy with IndiGrid’s existing holdings, supports its strategy to deliver consistent yields while expanding its presence in India's clean energy infrastructure space.
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