IndiGrid, India’s first listed power sector Infrastructure Investment Trust (InvIT), has signed definitive agreements to acquire all units of Virescent Renewable Energy Trust (VRET), along with its investment manager and project manager, for an enterprise value of INR 40 billion. Post this acquisition, IndiGrid’s overall solar assets portfolio will reach 674 MWp.
VRET is India’s first and only renewable energy infrastructure investment trust, comprising a portfolio of 16 operational solar projects through 14 special-purpose vehicles across seven states. Its cumulative solar capacity is 538 MWp.
IndiGrid said the acquisition would be funded through internal accruals, debt, and further capital raise.
Set up in 2016, IndiGrid owns, operates, and manages transmission networks and renewable energy assets that deliver reliable power. It owns 17 power projects with transmission lines of more than 8,468 ckm, 13 substations with 17,550 MVA transformation capacity, and 100 MW AC of solar generation capacity.
Sponsored by KKR, VRET is an AAA-rated InvIT. Its assets have seven years of operational history and 18 years of average remaining tenure with power purchase agreements (PPAs) with strong counterparties.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.