India Grid Trust to acquire FRV's solar assets for Rs 660 crore

Updated : December 19, 2020 01:04:19 IST

India Grid Trust, an infrastructure investment trust (InvIT), on Saturday agreed to acquire 100 percent shareholding in FRV Andhra Pradesh Solar Farm-I and FRV India Solar Park II from FRV Solar Holdings XI B.V. for Rs 660 crore.

In a statement to the exchanges, India Grid Trust said, "This is to inform you that the India Grid Trust has signed Securities Purchase Agreement on December 18, 2020 for acquisition of 100% in FRV Andhra Pradesh Solar Farm-I Private Ltd & FRV India Solar Park II – Private Ltd from FRV Solar Holdings XI B.V."

CNBC-TV18 had reported the deal earlier.

Cyril Amarchand and PriceWaterHouse Coopers represented IndiGrid on the transaction. For FRV Group, Khaitan & Co and Greenstone Advisors represented the transaction.

The completion of acquisition would depend upon receipt of relevant approvals and the completion of contractual obligations, India Grid Trust said.

FRV I was incorporated on July 14, 2016 and operates 50 MW (AC) solar power plant in Ananthapuramu Solar Park. FRV I entered into PPA with SECI on October 5, 2016 for tenor of 25 years. The asset was commissioned in July 2018. During FY 2019-20, FRV I had a total revenue of Rs 47 crore.

FRV II was incorporated on July 09, 2016 and operates 50 MW (AC) solar power plant in Ananthapuramu Solar Park. FRV II entered into PPA with SECI on October 5, 2016 for tenor of 25 years. The asset was commissioned in January 2019. During FY 2019-20, FRV II had a total revenue of Rs 50 crore.

Published : December 19, 2020 12:05 PM IST

India Grid Trust to acquire FRV's solar assets for Rs 660 crore

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