India Grid Trust (BSE:540565) agreed to acquire Renew Solar Urja Private Limited from ReNew Energy Global Plc (NasdaqGS:RNW) for enterprise value of $200 million on January 8, 2024. The transaction is for a total enterprise value of $199 million. Approximately $8 million is expected to be additionally received as an earn-out on account of change-in-law proceeds, after the first payment is realized by Renew Solar Urja.

The acquisition is to be funded through external debt. The transaction is expected to close in accordance with PPA conditions.