Pursuant to the ROFO Deed with our Sponsor, we have a ‘right of first offer’ in respect of eight inter-state power transmission projects, having a transmission network of 21 power transmission lines of 4,831 ckms and five substations, with a transformation capacity of 6,630 MVA. Of the eight ROFO Assets we have a ‘right of first offer’ to acquire, two have been commissioned, two are partially operational and four remain under various stages of development.
Under the ROFO Deed or otherwise, any potential acquisitions of power transmission projects will be assessed for their suitability with our investment mandate and is subject to mutual agreement between the Sponsor and the Investment Manager on behalf of IndiGrid, as well as approval by Unitholders.
We expect to benefit from the skills and experience of the board of directors and the management teams of our Investment Manager in investing and financially managing our power transmission assets. Members of our Investment Manager’s boards of directors and management teams have extensive experience in operating the power transmission sector and have established track records in negotiating, structuring and financing investments in power transmission assets and financially managing those assets as well as governing similar trusts internationally.
The InvIT Regulations set out the statutory requirements for, among other things, the board composition of an investment manager. We believe that Unitholders will benefit from the strong corporate governance requirements of the InvIT Regulations. Key features of our corporate governance structure are as follows:
All acquisitions made by IndiGrid must be approved by a majority of our Unitholders excluding the Sponsor with respect to the ROFO Assets or any other proposed acquisition from the Sponsor.