KKR merges IndiGrid and Virescent InvITs in unique deal
POWER & RENEWABLE ENERGY

KKR merges IndiGrid and Virescent InvITs in unique deal

IndiGrid, the Infrastructure Investment Trust (InvIT) in the Indian power sector owned by KKR, has acquired Virescent Renewable Energy Trust, which was also floated by the same fund. This deal, the first of its kind, valued Virescent at Rs 40 billion.

IndiGrid will acquire all units of Virescent, along with its investment manager and project manager. A Virescent executive said that Sebi approval is being sought for the transaction, but current laws do not allow such mergers.

Virescent's consolidated revenue for FY23 was Rs 5.37 billion, with an Ebitda of Rs 4.25 billion. Since its InvIT formation in 2020, it has distributed a total of Rs 7.2 billion as dividend, including Rs 3.5 billion in FY23.

The transaction followed a competitive sale process that attracted interest from investors across the world, with about half a dozen domestic and global energy developers, including Jindal Steel and Power, Actis, and an arm of International Holding Corporation of Abu Dhabi, among those in the final stage, apart from Indigrid.

Virescent was set up in 2020 to acquire renewable energy assets in India. It has 16 operating solar projects with a total capacity of 538 MW and assets under management of Rs 41.21 billion as of March 31. In September 2021, Virescent became India's first privately listed renewables-focused InvIT.

In 2021, Virescent raised Rs 4.6 billion in a round led by Alberta Investment Management Corp (AIMCo), one of Canada's largest institutional investment managers. Terra Asia Holdings II Pte is the sponsor of the trust and affiliated with KKR.

Also read:
Tata Power’s TP Saurya signs solar project in Rajasthan
Rajasthan seeks bids for KUSUM Program-Eligible 452 MW solar projects


IndiGrid, the Infrastructure Investment Trust (InvIT) in the Indian power sector owned by KKR, has acquired Virescent Renewable Energy Trust, which was also floated by the same fund. This deal, the first of its kind, valued Virescent at Rs 40 billion. IndiGrid will acquire all units of Virescent, along with its investment manager and project manager. A Virescent executive said that Sebi approval is being sought for the transaction, but current laws do not allow such mergers. Virescent's consolidated revenue for FY23 was Rs 5.37 billion, with an Ebitda of Rs 4.25 billion. Since its InvIT formation in 2020, it has distributed a total of Rs 7.2 billion as dividend, including Rs 3.5 billion in FY23. The transaction followed a competitive sale process that attracted interest from investors across the world, with about half a dozen domestic and global energy developers, including Jindal Steel and Power, Actis, and an arm of International Holding Corporation of Abu Dhabi, among those in the final stage, apart from Indigrid. Virescent was set up in 2020 to acquire renewable energy assets in India. It has 16 operating solar projects with a total capacity of 538 MW and assets under management of Rs 41.21 billion as of March 31. In September 2021, Virescent became India's first privately listed renewables-focused InvIT. In 2021, Virescent raised Rs 4.6 billion in a round led by Alberta Investment Management Corp (AIMCo), one of Canada's largest institutional investment managers. Terra Asia Holdings II Pte is the sponsor of the trust and affiliated with KKR. Also read: Tata Power’s TP Saurya signs solar project in Rajasthan Rajasthan seeks bids for KUSUM Program-Eligible 452 MW solar projects

Next Story
Infrastructure Urban

Arya Omnitalk Powers India’s Toll Revolution with AI-Driven Solutions

Arya Omnitalk, a leader in intelligent transportation systems, is revolutionising toll collection across India’s national highways with its advanced AI-powered Toll Management Solutions. Designed for rugged remote toll locations, the company’s cutting-edge technology ensures seamless, reliable, and secure tolling—especially during high-capacity operations exceeding 200%. By integrating real-time analytics, cyber protection, and FASTag-based cashless tolling, Arya Omnitalk’s systems are significantly reducing congestion, improving transparency, and enhancing revenue assurance. Its full..

Next Story
Infrastructure Urban

Over 800 Join Anant Raj Runathon to Mark Earth Day

Over 800 participants came together at Anant Raj Estate, Sector 63A, Gurugram, for the Anant Raj Runathon 2025—a vibrant celebration of Earth Day through fitness, community bonding, and sustainability. Curated by renowned running coach Ravinder, the event featured four categories: 10-mile and 5-mile timed runs, a 5-mile walkathon, and a 1-mile kids’ run. Runners of all ages took to the green, scenic roads of the area—some chasing personal bests, others running for a cause. The Runathon was designed to promote healthy living while raising awareness about sustainable practices. Participa..

Next Story
Infrastructure Urban

PETRONAS Lubricants, Quaker Houghton Ink Strategic Deal

In a significant step towards strengthening industrial operations in India and Malaysia, PETRONAS Lubricants India Pvt. Ltd (PLIPL) and Quaker Houghton have announced a strategic partnership aimed at delivering high-performance industrial fluid solutions to key manufacturing sectors, including steel production. The collaboration combines the strengths of both companies—leveraging PETRONAS Lubricants India’s maintenance lubricant technologies and Quaker Houghton’s deep expertise in metalworking fluids. Starting from the second quarter of 2025, Quaker Houghton will begin offering PETRONAS..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?