India Grid Trust (IndiGrid), the KKR-owned first Infrastructure Investment Trust (InvIT) in the Indian power sector, is in advanced discussions to acquire India portfolio of Fotowatio Renewable Ventures (FRV), the Madrid-based developer, in a deal worth Rs.750 crore.
FRV, owned by Abdul Latif Jameel Energy and Environmental Services, owns a 135 megawatt (MW) solar power project in Andhra Pradesh.
FRV had been in discussion with various power producers, investors such as Hero Future Energies, EverSource and Edelweiss to sell India assets, which did not fructify. FRV, which was acquired by the Saudi Arabia-headquartered Abdul Latif Jameel Group in April 2015, has sold out several businesses worldwide.
In 2016, FRV had been awarded power purchase agreement (PPA) by Solar Energy Corporation of India Limited (SECI) under the National Solar Mission program at a tariff of Rs.4.43/unit.