Power transmission-focused engineering, procurement, and construction (EPC) company Transrail Lighting is acquiring a 49% equity stake in NOPL Pace Green Energy, which is developing 990 MW of solar projects in Maharashtra.

The projects, being developed under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan, will be acquired for ₹200 million (~$2.11 million).

NOPL is a special purpose vehicle (SPV) of Onix Renewable.

The company’s solar portfolio is backed by a 25-year power purchase agreement with the Maharashtra State Electricity Distribution Company at a tariff of ₹3.1 (~$0.033)/kWh.

The portfolio has an indicative project cost of approximately ₹39 billion (~$412.06 million). An undisclosed financial institution has sanctioned debt financing for the projects.

Although Transrail initially plans to acquire a 49% stake, the investment structure will give the company financial and project management control under its agreed arrangements with Onix Renewable.

The agreement also allows the Mumbai-based company to increase its shareholding, potentially up to 100%, subject to mutually agreed terms and applicable approvals.

The company said the investment would enable it to participate across the energy value chain, including generation, transmission, and distribution. Transrail also plans to use its experience in executing large infrastructure projects to accelerate project implementation.

Transrail operates across transmission lines, substations, civil construction, railways, solar, and pole and lighting businesses. The company operates in more than 60 countries across six continents.

It also operates manufacturing facilities in India for galvanized lattice towers, overhead conductors, and galvanized monopoles, along with a tower testing facility.

In July, Transrail’s board approved a proposal to raise up to ₹6 billion (~$62.72 million) through a qualified institutional placement of shares.

India added a record 27 GW of solar capacity in the first half (1H) of the calendar year 2026, up 49% year-over-year from 18 GW, according to Mercom India Research’s newly released Q2 and 1H 2026 India Solar Market Update.