IndiGrid, India’s first listed power sector Infrastructure Investment Trust (InvIT), has acquired two significant power assets from ReNew Power in a deal valued at ₹2,100 crore.

The acquisition includes:

• Koppal-Narendra Transmission Limited (KNTL) — an inter-state transmission project in Karnataka.

• ReNew Surya Aayan Private Limited (RSAPL) — a 300 MW (AC) solar power project located in Barmer, Rajasthan.

This acquisition aligns with IndiGrid’s strategy of owning long-term contracted assets that ensure predictable and stable distributions to its unitholders.

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Parties Involved

• Acquirer: IndiGrid (Infrastructure Investment Trust)

• Sellers: ReNew Power and joint venture shareholders (for KNTL)

• Legal Advisor to IndiGrid: JSA Advocates & Solicitors

Advisory Role

JSA provided comprehensive legal counsel to IndiGrid, including:

• Structuring of the transaction

• Advising on the exit of JV shareholders in KNTL (RTVPL and KNI India AS)

• Negotiation and finalization of definitive agreements

• Risk identification and mitigation (project development, regulatory, competition, disputes, and real estate)

JSA Deal Team

Core M&A and Regulatory Team:

• Vishnu Sudarsan – Lead Partner

• Shashank Vikram Singh – Partner

• Kartikeya GS – Partner

• Siddhant Thakar – Senior Associate

• Mehar Vasant – Senior Associate

• Priyanka Barik – Senior Associate

• Ravneet Gill – Associate

• Vignesh Ravichandran – Associate

• Komal Karnik – Associate

Disputes Advisory:

• Poonam Verma Sengupta – Partner

• Sakshi Kapoor – Senior Associate

Real Estate Advisory:

• Upendra Nath Sharma – Partner

• Bharat Bhushan Sharma – Partner

• Mohit Aggarwal – Principal Associate

Competition Law Advisory:

• Vaibhav Choukse – Partner

• Ela Bali – Partner

Key Transaction Highlights

• KNTL is a Build-Own-Operate-Maintain (BOOM) project comprising 276 km of transmission lines and ~2,500 MVA capacity. It has been operational since October 2023.

• RSAPL is a 300 MW operational solar project with a 25-year PPA with SECI at a fixed tariff of ₹2.37/unit. It has been operational since March 2024.

• The acquisition enhances IndiGrid’s portfolio in both the transmission and renewable sectors.

Strategic Significance

The deal supports IndiGrid’s growth strategy by adding long-term, operational, and regulated power assets to its portfolio. It also reflects increased consolidation in the power infrastructure sector as large players like IndiGrid continue to acquire assets with predictable cash flows.

Why It Matters

This transaction represents a strong vote of confidence in India’s evolving power and renewable infrastructure landscape. For legal professionals, it demonstrates the complexities involved in InvIT acquisitions, including multi-practice legal coordination across regulatory, real estate, disputes, and competition law.

About the Parties

IndiGrid: Sponsored by KKR, IndiGrid is India’s first listed InvIT in the power sector and manages an expanding portfolio of transmission and renewable assets.

ReNew Power: One of India’s leading renewable energy companies, with a diversified asset base across solar, wind, and transmission projects.

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Disclaimer

This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.