Debt

Debt Financing

KKR-backed InvIT Virescent raises Rs.2,150-Cr

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Virescent Renewable Energy Trust (VRET), a renewable energy infrastructure investment trust (InvIT) set up by KKR-backed Virescent Infrastructure, has raised INR 2,150 crore through long-term debt financing instruments. The company will use the proceeds to refinance existing debt at the SPV (special purpose vehicle) level as well as to fund future acquisitions. VRET raised INR 1,000 crore in its debut issuance across three-, five- and seven-year tranches. It has also tied up an additional INR 1,000 crore of long-term financing from L&T Finance. VRET has got a working capital facility of INR 150 crore from Tata Capital to enhance its liquidity position and meet its credit rating requirements.