IndiGrid Acquires 100 MW Solar Assets of FRV in Rs 660 Crore Deal

Dec 21, 2020 01:42 PM ET
  • IndiGrid has actually acquired the 100 MW Indian solar portfolio of Madrid-based Fotowatio Renewable Ventures (FRV), in a deal worth Rs 660 crore.

India Grid Trust (IndiGrid) has actually announced in a governing declaring that it has actually gotten the 100 MW Indian solar portfolio of Madrid-based designer Fotowatio Renewable Ventures (FRV), in an offer worth Rs 660 crore.

The KKR-owned Infrastructure Investment Trust (InvIT) has actually revealed that it has authorized a safety and securities purchase agreement for the procurement of 100 percent shareholdings in 2 SPVs-- FRV Andhra Pradesh Solar Farm-I & FRV India Solar Park II-- from FRV Solar Holdings.

As per the release, FRV I was integrated on July 14, 2016, and operates a 50 MW (AC) solar energy plant in Ananthapuramu Solar Park in the state of Andhra Pradesh. FRV I had actually become part of PPA with SECI on October 5, 2016, for a period of 25 years. The possession was commissioned in July 2018.

Likewise, FRV II was included on July 09, 2016, and also operates another 50 MW (AC) solar power plant in the Ananthapuramu Solar Park. This SPV had also become part of PPA with SECI on October 5, 2016, for tone of 25 years. This property, nevertheless, was appointed in January 2019.

The completion of purchase would certainly rely on receipt of relevant approvals as well as completion of legal obligations.

In October, we had actually reported that Global investment company KKR had actually introduced-- Virescent Infrastructure, a new system to get renewable energy possessions in India. Headquartered in Mumbai, Virescent aims to expand its varied portfolio of functional renewable resource possessions, facilitated by investments predominantly made through KKR's infrastructure fund.

It was specified that at the time Virescent owned 317 MWp of solar possessions found in Maharashtra and also Tamil Nadu. KKR has actually likewise entered into clear-cut agreements to get other operating solar tasks throughout 3 different states. As soon as shut, these projects will certainly additionally become part of the Virescent platform.

It was mentioned that the system would look to determine investment opportunities that have secure cash flows originating from long-term agreements with state and central federal government counter-parties throughout India.

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