IndiaGrid Trust has entered into an agreement to acquire 100% stakes in FRV Andhra Pradesh Solar Farm-I Pvt Ltd and FRV India Solar Park II – Pvt Ltd from FRV Solar Holdings XI B.V., it said on Friday.
IndiGrid, an infrastructure investment trust (InvIT), is making the acquisition at an enterprise value of ₹660 crore. The two projects comprise of 50 MW of solar assets each.
“The acquisition of aforesaid solar assets is in line with the IndiGrid’s investment strategy as provided in the trust deed with a focus to ensure stable distribution to unitholders by owning assets with long term contracts,” IndiGrid said in an exchange filing.
Investment bank Greenstone Advisors advised FRV on the transaction.
This article was first published on livemint.com.