CRISIL

Global investment firm KKR-backed India Grid Trust (IndiGrid), an infrastructure investment trust, is planning to raise Rs 1,000 crore via non-convertible debentures (NCDs) to finance acquisitions and repayment of existing debt.
IndiGrid has announced the acquisition of 100 per cent of ReNew Solar Urja Private Limited (RSUPL). The deal is expected to be valued at Rs 1,650 crore, subject to regulatory approvals and closing adjustments. This includes the debt of around Rs 1,000-1,100 crore present at asset level. The pending consideration amount is to be funded through debt.

IndiGrid plans to raise Rs 1,000 crore for acquisitions, debt rejig

India Grid Trust  said that Alberta Investment Management Corporation and HDFC Life will invest Rs 567 crore and Rs 100 crore, respectively, in it. According to a statement, India Grid Trust (IndiGrid) announced the launch of its preferential issue process to raise Rs 695 crore following the successful conclusion of the offer-for-sale (OFS). IndiGrid  launched its preferential issue process to raise Rs 695 crore through primary issuance of units for Rs 136.43 /unit, it added. IndiGrid has received investment commitments from Alberta Investment Management Corporation (AIMCo), one of Canada's largest and most diversified institutional investment managers, and HDFC Life for an investment of Rs 567 crore and Rs 100 crore, respectively, with a balance committed by other investors.

Alberta investment, HDFC Life to invest Rs 667 cr in India Grid Trust

Indian power-sector infrastructure investment trust (InvIT) India Grid Trust or IndiGrid, will buy a 300-MW solar park in Rajasthan and a transmission system project in Karnataka in two deals with a combined value of INR 21.08 billion. The price excludes any net working capital and cash adjustments. The acquisitions will be financed by IndiGird through a combination of equity, internal accruals and debt. Under the first deal, the investment trust will acquire ReNew Solar Aayan Pvt Ltd, which operates the photovoltaic (PV) park in the Barmer district of Rajasthan, from ReNew Solar Power Pvt Ltd. The plant has been generating electricity for more than a year and is run under a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) at a fixed tariff of INR 2.37 per kWh

IndiGrid snaps up 300-MW solar park, transmission assets in India

While cash flows depend on line availability and solar generation, IndiGrid's history of steady performance and extensive resource portfolio significantly mitigate risks associated with potential O&M lapses.




Solar assets (~20% of AUM) introduce weather-based revenue variability, though performance remains steady. State discom risk is mitigated by LPS rules and a small AUM share. Growth is de-risked via BII and Norfund partnerships, which delay acquisitions until projects are operational, though execution risks for other developments remain monitorable.


IndiGrid’s consolidated debt was ₹19,246 crore as of April 30, 2025, primarily consisting of bullet repayments. Risk is mitigated by highly certain cash flows, long asset lives, a healthy tail period, and a mix of amortizing loans. However, ICRA remains focused on the Trust’s ability to successfully refinance maturing debt facilities on time.


The issuer has made timely interest payments.

Mr. Harsh Shah, Chief Executive Officer and Whole-time Director

IndiGrid’s transmission assets offer low revenue risk through availability-linked, fixed-tariff payments (averaging ~28-year tenures), though ENICL and JKTPL have shorter 10–11 year terms with extension options. Its 855 MWac solar portfolio is secured by long-term PPAs with central and state agencies, averaging ~19 years of residual tenure.




IndiGrid’s transmission assets maintain high reliability, generally exceeding the 98% normative level. Despite Q4 FY2025 shortfalls at JKTPL and GPTL due to technical breakdowns, impacts were neutralized by insurance claims for repairs and revenue loss. Combined with the 855 MWac solar portfolio performing as per P-90 estimates, these operations ensure stable cash flows and consistent tariff incentives.


IndiGrid features high payment security via the CTU billing pool for most transmission assets and reliable direct collections for JKTPL. For solar, 79% of capacity is tied to top-tier off-takers (SECI/NVVN/GUVNL), while the remainder involves state discoms with modest financials.

IndiGrid maintains a healthy financial profile with 59.1% net debt/AUM (as of March 2025). While funding for new projects will increase leverage, ICRA expects it to stay under the 65% rating threshold. A proposed ₹5,700 crore NCD will primarily refinance debt and fund acquisitions.


IndiGrid’s debt structure includes protective features like a one-quarter DSRA, cash-trap triggers, and defined payment mechanisms to ensure timely debt servicing for lenders.






Rating agency	Rating	Needle position
IND	AAA Stable	near High Safety
CRISIL	AAA Stable	near High Safety

Security Name: 8.20% IndiGrid Infrastructure Trust 06 May 2031

ISIN: INE219X07264

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