JSA has advised India Grid Trust (IndiGrid) on the USD199 million acquisition of a 300MW solar power project in Rajasthan from ReNew Energy Global.
ReNew, India’s leading decarbonisation solutions firm, has entered a share purchase agreement with IndiGrid to sell its ReNew Solar Urja project.
Lead partner for the JSA team, Vishnu Sudarsan, had the support of partners Shashank Vikram Singh and Kartikeya GS, associate Ayushi Chaudhary as well as junior associates Siddhant Thakar and Ravneet Gill. Partner Poonam Verma Sengupta led the disputes team, while partners Upendra Nath Sharma and Bharat Bhushan Sharma, along with their associates, led the real estate team.
The enterprise value includes an anticipated earn-out of USD8 million for change-in-law proceeds. The transaction, aligned with ReNew’s strategy for capital recycling, is set to attract a cash injection of USD82 million in a post-debt transfer to the buyer.
IndiGrid, with the support of global investment firm Kohlberg Kravis Roberts & Co, is India’s initial and largest listed power sector infrastructure investment trust (InvIT). IndiGrid launched India’s first power sector InvIT.
IndiGrid’s acquisition contributes to its strategic portfolio expansion in the power sector. ReNew Energy Global is listed on the Nasdaq and recognised as a leading international renewable energy provider.
ReNew operates a diverse energy portfolio, including 13.8GW of wind, solar, hybrid and hydro power. This acquisition aligns with IndiGrid’s position in India’s evolving renewable energy landscape.
