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
Resources

CRISIL Upgrades DCCDL’s Rating to AAA (Stable)

CRISIL Ratings has upgraded DLF Cyber City Developers (DCCDL) to CRISIL AAA (Stable) from CRISIL AA+ (Stable), citing sustained strong business fundamentals, high occupancy, and an improving financial risk profile.Sriram Khattar, Vice Chairman & Managing Director, DCCDL, said, “This milestone reflects our commitment to maintaining the highest standards of corporate governance and financial discipline whilst ensuring that our assets meet global benchmarks suitable for our tenant partners.”DCCDL operates a commercial real estate portfolio of 40.4 million square feet (msf), with a 93 per ..

Next Story
Real Estate

New Housing Supply Drops 34% in India’s Top-9 Cities

India’s residential real estate market experienced a 34% decline in new housing supply during the January-March 2025 period, with only 80,774 units launched, compared to 1,22,365 units in the same period last year, according to data from PropEquity.Among the top nine cities, Bengaluru was the only market to record an increase, with new housing supply rising 17% to 20,227 units, up from 17,303 in the year-ago period. In contrast, other major cities witnessed a significant decline. Chennai saw a 46% drop to 3,946 units, while Hyderabad recorded a 38% decline to 8,773 units. Kolkata was among t..

Next Story
Infrastructure Transport

TBM ‘Parvati’ Begins Tunneling on Kanpur Metro Line 2

The Kanpur Metro Project has reached another milestone as Kalpataru Projects International Ltd. (KPIL) – Gulermak JV deployed its third Tunnel Boring Machine (TBM) ""Parvati"" at Rawatpur Station for Line 2. This 8.38 km corridor stretches from Agriculture University to Barra-8.About TBM ParvatiTBM Type: Herrenknecht Earth Pressure Balance (EPB) Machine (Refurbished, Ø6.5m) 7th TBM commissioned for Kanpur Metro Phase 1 3rd TBM for Package KNPCC-11, following TBMs Gomati (S-1408A) and Saraswati (S-839C)Tunneling Assignments First Task: Construct a 750m tunnel for the upline fr..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?