India Grid Trust (IndiGrid) has concluded aquisition of 300 MW AC solar asset at an enterprise valuation of approximately Rs 15.5 billion, excluding net working capital and cash adjustments, aligning with the share purchase agreement inked in January 2024.
Following the inclusion of this asset, IndiGrid’s portfolio encompasses 19 solar projects spanning eight states in the country, boasting a cumulative generation capacity of 1.1 GWp. The total assets under management (AUM) for IndiGrid have now reached approximately Rs 282 billion. The funding for this acquisition has been secured through a mix of equity, internal earnings, and borrowed capital. It is anticipated to contribute around Rs 800 million in net distributable cash flow annually to IndiGrid. Following the acquisition, the net debt to AUM ratio is expected to be approximately 63 per cent.