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Norfund, DEG in $250-mn race for stake in IndiGrid's power transmission platform

Livemint

Livemint · 1y ago

Norfund, DEG in $250-mn race for stake in IndiGrid's power transmission platform

Investment firms, including Norfund and DEG, are interested in acquiring a stake in an upcoming power transmission platform owned by India Grid Trust (IndiGrid), which is backed by KKR & Co. The deal is projected to have an equity value of around $250 million. Other potential investors include British International Investment, Asian Infrastructure Investment Bank (AIIB), and responsAbility Investments. The platform will support India's goal of increasing renewable energy capacity and reducing reliance on coal for power generation. IndiGrid manages assets worth approximately $3.4 billion and owns numerous power projects, including transmission lines and solar power capacity.

Related News

Norfund, AIIB eye IndiGrid’s new platform; suitors line up for Yes Bank

VCCircle

VCCircle · 1y ago

Norfund, AIIB eye IndiGrid’s new platform; suitors line up for Yes Bank

Norfund and German development finance institution DEG are among the firms looking to invest in India Grid Trust's new power transmission platform, which is backed by KKR and valued at around $250 million. Other potential investors include British International Investment Plc. and the Asian Infrastructure Investment Bank (AIIB). Meanwhile, several suitors are lining up to acquire a stake in Yes Bank.

IndiGrid partners with British, Norwegian investors, India’s Techno to develop transmission projects | Mint

Livemint

Livemint · 1y ago

IndiGrid partners with British, Norwegian investors, India’s Techno to develop transmission projects | Mint

IndiGrid Trust has partnered with British International Investment, Norfund's Norwegian Climate Investment Fund, and Techno Electric and Engineering Company to develop three power transmission projects. The projects, which will support the evacuation of renewable energy in Madhya Pradesh and Maharashtra, are Ishanagar Power Transmission Ltd, Dhule Power Transmission Ltd, and Kallam Transco Ltd. The investments will be channeled through KNI India AS, a joint venture between Norfund and KLP. Once operational and revenue-generating, IndiGrid will acquire the entire stake in these projects. IndiGrid also operationalized its first greenfield ISTS project and plans to deploy ₹2,000 crore in additional projects.

KfW's unit plans to double India investment to $1 bn

VCCircle

VCCircle · 1y ago

KfW's unit plans to double India investment to $1 bn

KfW's DEG unit, a subsidiary of German state lender KfW, intends to increase its investments in India to $1 billion over the next few years. The focus will be on energy and infrastructure projects, particularly in the renewable energy sector. DEG has already invested around $400 million in Indian companies. With India aiming to add 500 GW of clean energy by 2030, DEG plans to invest in renewable energy, green hydrogen, and power transmission projects. The lender sees India as an important market with a favorable investment environment.

IndiGrid backer GIC teams up with Sterlite for another power transmission platform

VCCircle

VCCircle · 1y ago

IndiGrid backer GIC teams up with Sterlite for another power transmission platform

Singapore's sovereign wealth fund, GIC, and Vedanta Group's Sterlite Power have formed a joint venture to develop and operate power transmission projects in India. Sterlite will hold a 51% stake in the platform, with GIC owning the remaining 49%. The partnership aims to play a leading role in India's transmission sector, starting with a $13bn bid pipeline. GIC has been actively investing in Indian infrastructure, with previous deals including collaborations with Genus Power and ESR. Sterlite Power is a private sector power transmission infrastructure developer with a portfolio covering over 15,350 circuit km of transmission lines in India and Brazil.

KKR-controlled IndiGrid inks $199-mn deal to acquire solar asset

VCCircle

VCCircle · 1y ago

KKR-controlled IndiGrid inks $199-mn deal to acquire solar asset

India Grid Trust (IndiGrid), controlled by private equity firm KKR, has signed a deal to acquire a 300MW solar power project in Rajasthan from ReNew Power. The enterprise valuation for the asset is estimated at INR 1,550 crore ($199 million). The deal includes an additional earn-out component of around $8 million. ReNew will transfer the outstanding debt of the asset to IndiGrid, resulting in a cash inflow of nearly $82 million. This acquisition will increase IndiGrid's portfolio of operating solar assets to over 1 GW peak capacity.

IndiGrid to acquire ReNew Solar Aayan, Koppal Transmission for Rs 2,108 Cr

YourStory

YourStory · 4m ago

IndiGrid to acquire ReNew Solar Aayan, Koppal Transmission for Rs 2,108 Cr

IndiGrid, India’s first infrastructure investment trust in the power sector, plans to acquire ReNew Solar Aayan and Koppal Narendra Transmission for about Rs 2,108 crore. IndiGrid will gain 100% stake and management control of both assets. The acquisition includes ReNew Solar Aayan, a 300 MW solar project in Rajasthan, and Koppal Narendra Transmission, a transmission project in Karnataka. The purchase will be funded by equity, internal accruals, and debt, aligning with IndiGrid’s long-term strategy.

US regulators reject amended interconnect agreement for Amazon data center

Economic Times

Economic Times · 12m ago

US regulators reject amended interconnect agreement for Amazon data center

US energy regulators have rejected an amended interconnection agreement that would have connected an Amazon data center directly to a nuclear power plant in Pennsylvania. The Federal Energy Regulatory Commission raised concerns about the potential impact on power bills for the public and the grid's reliability. The agreement, which aimed to increase the data center's capacity, would have diverted significant amounts of power from the regional grid, raising questions about power bills, reliability, and the payment of transmission and distribution upgrades. FERC Chairman Willie Phillips dissented, expressing concerns about the impact on US dominance in the global race for artificial intelligence.

KKR-backed IndiGrid secures $300 mn funding for new green energy platform

VCCircle

VCCircle · 11m ago

KKR-backed IndiGrid secures $300 mn funding for new green energy platform

KKR-backed IndiGrid has secured $300 million funding from overseas development financiers to establish a green energy platform in India. The funding was provided by British International Investment, Norwegian Climate Investment Fund, and KLP. The new platform, called EnerGrid, will focus on developing greenfield transmission and standalone battery energy storage system projects in India. IndiGrid is the country's first infrastructure investment trust in the power sector and has assets under management of over Rs 29,700 crore. The funding will help IndiGrid create a growth pipeline in the under-construction space and meet India's increasing power demand.

Norfund, others invest $38 mn in green energy firm Candi Solar

VCCircle

VCCircle · 1y ago

Norfund, others invest $38 mn in green energy firm Candi Solar

Norfund, along with other investors such as Kyuden International Corporation and STOA Infra & Energy, has led a $38 million investment in Swiss renewable energy firm Candi Solar. The funding will aid Candi Solar in expanding its presence in India and increasing its capacity by 200 MW. Candi Solar specializes in executing solar power projects for commercial and industrial clients and has already completed projects for companies in India and South Africa. The investment highlights the commitment of the investors to sustainable development and the transition to renewable energy.

Norfund to support VA Tech's $100-mn municipal projects platform

VCCircle

VCCircle · 7m ago

Norfund to support VA Tech's $100-mn municipal projects platform

Norfund, a Norwegian investment fund focused on sustainable development, is supporting VA Tech Wabag's $100 million municipal projects platform. VA Tech, a Chennai-based water technology company backed by Rekha Jhunjhunwala and the Norwegian sovereign wealth fund, aims to develop capital projects in the water sector. The platform, with international investors, will invest in advanced water treatment technologies over three-five years. VA Tech Wabag will provide technical services in alignment with its asset-light strategy.

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