Virescent acquires 55 MWp of operating solar assets from Focal Energy

The acquisition is in line with Virescent’s strategy to acquire operational renewable energy assets that have stable long-term cashflows with government counterparties across India.

December 9, 2021 Uma Gupta

Headquartered in Mumbai, Virescent targets facilities with stable cash flows from long-term public-sector contracts.

Image: Charlotte Knegt/Klaske van Wijngaarden

US investor KKR-backed Virescent Infrastructure has completed the acquisition of 55 MWp of solar assets from international investors backed Focal Energy. These assets are spread across three states and have a mix of Central Government and State Government off-takers.

The acquisition is in line with Virescent’s strategy to acquire operational renewable energy assets that have stable long-term cashflows with government counterparties across India.

In May this year, Virescent Infrastructure had announced it had completed the acquisition of 76 MWp of Indian solar assets from Singapore’s Sindicatum Group. These PV assets are also spread across three states and benefit from long-term power purchase agreements with government off-takers.

Focal Energy is backed by a group of international investors, including Pitango Venture Capital, Federmann Group, Migdal Group, and Poalim Capital Markets from Israel, and Swiss impact investor Vital Capital.

With the acquisition of Focal’s 55 MWp assets, Virescent now manages 13 operating projects spread across seven states in India, with >50% exposure to Tier 1 counterparties including the Solar Energy Corporation of India (SECI), NTPC Vidyut Vyapar Nigam (NVVN), and Gujarat Urja Vikas Nigam Limited (GUVNL).

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