KKR-backed Virescent sets up India's first renewable energy trust
POWER & RENEWABLE ENERGY

KKR-backed Virescent sets up India's first renewable energy trust

Renewable energy platform Virescent Infrastructure Limited has received sponsorship from KKR Fund Limited Partners and Co-Investors for setting up India's first renewable energy infrastructure investment trust (InvIT) known as Virescent Renewable Energy Trust (VRET).

It has raised Rs 4.6 billion from foreign and domestic investors. Alberta Investment Management Corporation (AIMCo), one of the largest institutional investment managers in Canada, leads the transaction on behalf of its clients.

KKR set up Virescent in 2020 to acquire operating renewable energy assets in India. It was the time when renewable energy was increasingly critical for powering India's energy needs, and an estimated 60% of India's installed renewable energy capacity by 2030. KKR sponsors Virescent from its Asia-Pacific Infrastructure Investors Fund.

VRET's initial portfolio consists of nine operational solar projects of 395 MWp capacity. Its assets are located in Gujarat, Maharashtra, Uttar Pradesh, Tamil Nadu and Rajasthan. VRET also acquired 55 MWp from Focal Energy.

CRISIL, India Ratings, S&P Global Ratings and Fitch's India affiliates assigned a AAA or Stable rating to VRET. The company is among a few Indian renewable energy trust and infrastructure companies to have received the highest AAA rating due to its healthy cash flow prospects, long-term power purchase agreements (PPAs) at predefined tariffs, track-record of its enhanced generation capabilities, healthy financial risk and low leverage supported by adequate liquidity. The AAA rating is likely to grow its portfolio to 2 GWp in two to three years.

Image Source


Also read: PM discusses India’s renewable energy scenario with First Solar CEO

Renewable energy platform Virescent Infrastructure Limited has received sponsorship from KKR Fund Limited Partners and Co-Investors for setting up India's first renewable energy infrastructure investment trust (InvIT) known as Virescent Renewable Energy Trust (VRET). It has raised Rs 4.6 billion from foreign and domestic investors. Alberta Investment Management Corporation (AIMCo), one of the largest institutional investment managers in Canada, leads the transaction on behalf of its clients. KKR set up Virescent in 2020 to acquire operating renewable energy assets in India. It was the time when renewable energy was increasingly critical for powering India's energy needs, and an estimated 60% of India's installed renewable energy capacity by 2030. KKR sponsors Virescent from its Asia-Pacific Infrastructure Investors Fund. VRET's initial portfolio consists of nine operational solar projects of 395 MWp capacity. Its assets are located in Gujarat, Maharashtra, Uttar Pradesh, Tamil Nadu and Rajasthan. VRET also acquired 55 MWp from Focal Energy. CRISIL, India Ratings, S&P Global Ratings and Fitch's India affiliates assigned a AAA or Stable rating to VRET. The company is among a few Indian renewable energy trust and infrastructure companies to have received the highest AAA rating due to its healthy cash flow prospects, long-term power purchase agreements (PPAs) at predefined tariffs, track-record of its enhanced generation capabilities, healthy financial risk and low leverage supported by adequate liquidity. The AAA rating is likely to grow its portfolio to 2 GWp in two to three years. Image Source Also read: PM discusses India’s renewable energy scenario with First Solar CEO

Next Story
Infrastructure Transport

Kolkata Conducts Successful Trial Run on Noapara-Airport Metro Route

Kolkata’s metro network is set for a major expansion as the first trial run on the Noapara-Airport Metro route was successfully conducted on January 25, 2025. Covering a 7.04 km stretch of the Yellow Line, this trial marks a significant step toward the route’s full operational launch, expected by mid-2025. The new metro extension will connect Noapara to Jai Hind Biman Bandar (Kolkata Airport), easing travel for thousands of daily commuters. The trial run, which began at Noapara at 12:09 PM, made stops at Dum Dum Cantonment and Jessore Road before reaching the airport station at 12:31 PM. T..

Next Story
Infrastructure Transport

BBMP Invites DPR Bids for KR Tunnel and 10 Elevated Corridors

The Bruhat Bengaluru Mahanagara Palike (BBMP) has invited bids for the preparation of a Detailed Project Report (DPR) for a second tunnel road between KR Puram and Nayandahalli, spanning 28 km. This move comes amid ongoing criticism from environmentalists, urban mobility experts, and civic groups against the proposed 18 km twin-tube tunnel road from Hebbal to Silk Board. The new tunnel road is proposed along a route already served by the Purple Line of Bengaluru Metro (Whitefield-Challaghatta via KR Puram and Nayandahalli). Additionally, BBMP has sought DPR bids for multiple elevated corr..

Next Story
Infrastructure Urban

Tyre Industry Seeks Ban on Scrap Tyre Imports Amid Surge

The Automotive Tyre Manufacturers Association (ATMA) has urged the government to impose an immediate ban on waste tyre imports, citing a more than fivefold increase since FY21 and growing environmental concerns. According to Ministry of Commerce data, imports of waste and scrap tyres have surged from 264,000 metric tonnes in FY21 to 1.398 million metric tonnes in FY24. In its pre-budget submission, ATMA Chairman Arnab Banerjee highlighted that the rising imports contradict India's Extended Producers Responsibility (EPR) Regulation on Waste Tyres, implemented in July 2022. The regulation i..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000