JSA, Anagram Partners and TT&A assisted IndiGrid, 含羞草社区 first listed power sector infrastructure investment trust (InvIT), on its INR2.1 billion (USD244 million) acquisition of two major assets in the states of Karnataka and Rajasthan.
The assets are Koppal-Narendra Transmission Limited (KNTL) in Karnataka and a 300MW operational solar project Renew Surya Aayan Private Limited (RSAPL) in Rajasthan.
JSA lead partner Vishnu Sudarsan, alongside partners Shashank Vikram Singh and Kartikeya GS led the transaction team, with the support of senior associates Siddhant Thakar, Mehar Vasant and Priyanka Barik. Associates Ravneet Gill, Vignesh Ravichandran and Komal Karnik assisted. The disputes and real estate teams also provided support.
JSA advised on the transaction’s structure, including the exit of joint venture shareholders, negotiating and finalising definitive agreements, and addressing project development and regulatory risks.
Operational since October 2023, KNTL was previously held by ReNew Transmission Ventures, ReNew Solar Power, ReNew Energy Global and KNI India AS.
TT&A represented KNI India AS with partner Dushyant Bagga leading the team alongside managing associate Pooja Menon and senior associate Prerna Raturi.
Anagram Partners acted for ReNew Transmission Ventures, ReNew Solar Power and ReNew Energy Global.
KNTL is a build-own-operate interstate transmission project comprising around 276 kilometres of transmission lines and 2,500 megavolt amperes (MVA) of transformation capacity.
RSAPL, located in Barmer in Rajasthan state, has been operational since March 2024 under a 25-year power purchase agreement with the Solar Energy Corporation of India at a fixed tariff of INR2.37 per unit.
IndiGrid’s acquisition complies with regulatory requirements under the PPA and aligns with its long-term strategy to acquire stable, contracted assets that ensure reliable distribution of power.
