India InvIT of KKR buys FRV Solar Assets in Andhra Pradesh

India Grid Trust has confirmed a buying commitment from FRV Solar Holdings to obtain 100% of FRV Andhra Pradesh Solar Farm-I and FRV India Solar Park II, as per the announcement released by company on Saturday.



Mumbai (Natural Energy News): India Grid Trust (IndiGrid), the first infrastructure investment trust (InvIT) controlled by KKR in the Indian power sector, has obtained the India portfolio of Fotowatio Renewable Ventures (FRV), a Madrid-based developer for Rs. 660 crores.


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India Grid Trust has confirmed a buying commitment from FRV Solar Holdings to obtain 100% of FRV Andhra Pradesh Solar Farm-I and FRV India Solar Park II, as per the announcement released by company on Saturday.

India Grid Trust is in progressive conversations to obtain India portfolio of FVowatio Renewable Ventures (FRV).

The FRV, owned by Abdul Latif Jamil Energy and Environmental Services, operates 100 MW (AC) solar power plants at Antonyuhu Solar Park and in 2016 entered into a Power Purchase Agreement (PPA) with SECI for 25 years. FRV was awarded PPA at the rate of 4.43 / unit under the National Solar Mission Program.


The FRV had been in meetings with several power generating companies, investors such as Eversource, Hero Future Energy and Edelweiss to sell India's properties, which saw no uptick. FRV, which was amassed by Saudi Arabia headquarters Abdul Latif Jameel Group in April 2015, has sold to a quantity of industries globally.

As its first infra stipulation in India, KKR joined hands with Infra Holdings Pte, Singapore in May last year to manage Sterlite Power Transmission - India Grid Trust's Infrastructure Investment Trust (InvIT).


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KKR invested Rs 1,084 crore and GIC invested Rs 980 crore. Sterlite Investment Manager, a cosponsor of KKR, IndiGrid, holds a 74% stake, which manages the trust.

India Grid acquired five transmission projects from its sponsor Sterlite Power Ventures for a total of Rs 11,539 crore ($ 1.65 billion).

Currently, IndiGrid has 10 operating projects, with a length of more than 6,080 ckms consisting of 25 transmission lines and a 7,710 conversion capacity of 10,735 MVA. IndiGrid has assets under management (AUM) of Rs 1,3,300 crore ($ 1.80 bn).


India aimed to have solar power capacity of 100 GigaWatt by the year 2022. As of 31 August 2020, the entirety installed solar power production capacity in the country was 35.73 GigaWatt, which was 88.79 GigaWatt of entire renewable energy.


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