TRANSRAIL: ACQUIRES 49% STAKE IN NOPL PACE GREEN ENERGY

TRANSRAIL: ACQUIRES 49% STAKE IN NOPL PACE GREEN ENERGY FOR ₹20 CR

• Board approved acquisition of 49% equity stake in NOPL Pace Green Energy for cash consideration of up to ₹20 Cr • Onix Renewables will hold 51%; target will become an associate of Transrail post completion • Target is developing ~990 MW (AC) solar portfolio in Maharashtra under PM-KUSUM, with project cost of ~₹3,900 Cr • Portfolio has a 25-year PPA with MSEDCL at ₹3.10/unit, with project debt sanctioned by a financial institution • Transrail has flexibility to increase its shareholding potentially up to 100%, subject to mutually agreed terms and approvals • Completion expected within 180 days from target board approval, subject to customary conditions and lender consent Impact: Positive — Strategic entry into renewable power generation with a large contracted solar portfolio and long-term offtake visibility.