- According to the company press release, the 100 MW assets are fully operational and located in the 400-MW Ananthapuramu Solar Park in Andhra Pradesh
- This transaction is in snyc with IndiGrid’s strategy to acquire solar projects with long term power purchase agreements, operational track record and financially strong counterparties such as SECI and NTPC
IndiGrid, a power infrastructure investment trust (InvIT) said it has completed acquisition of 100 per cent stake in two solar assets with 100 megawatt (MW) capacity from Fotowatio Renewable Ventures (FRV) for Rs 660 crore. With this acquisition, the company’s asset portfolio now consists of 14 diversified power projects and marks the first renewable energy acquisition by any InvIT in the country.
According to the company press release, the 100 MW assets are fully operational and located in the 400-MW Ananthapuramu Solar Park in Andhra Pradesh. The projects have been operational for over two years.
Helps to diversify to portfolio
This transaction is in snyc with IndiGrid’s strategy to acquire solar projects with long term power purchase agreements, operational track record and financially strong counterparties such as SECI and NTPC.
Harsh Shah, chief executive officer of IndiGrid said that the acquistion helps to diversify our portfolio and add the first set of solar assets. This acquisition would result in a healthy addition to our net distributable cash flow. Such projects tie in well with our strategy of providing predictable cash flows to the investors
Cyril Amarchand and Mangaldas, PriceWaterCoopers and Mahindra Teqo advised IndiGrid on this transaction. Greenstone Advisors acted as the sell-side advisor on the transaction representing FRV.
