M&A

M&A

KKR-backed Virescent acquires 49 MW of solar assets from Focal Energy for $47-M

Mercom India  

Virescent Renewable Energy Trust, a platform created by global investment company KKR to acquire renewable energy assets in India, had acquired a 49 MW solar portfolio from five special purpose vehicles (SPVs) of Focal Energy for INR 3.54 billion (~USD 46.73 million). The solar assets are located in Madhya Pradesh, Punjab, and Rajasthan. The portfolio has a mix of central and state government off-takers. Virescent will own 100% equity in the SPVs Globus Steel and Power, Focal Energy Solar One India, Focal Energy Solar India, SunBorne Energy Rajasthan Solar. Virescent will also indirectly acquire 66% in Focal Energy Solar Three India. Globus operates a 20 MW solar power project in Madhya Pradesh. During FY 2020-21, Globus had total revenue of INR 259 million (~USD 3.42 million). Focal Energy Solar One India operates a 20 MW solar power project in Madhya Pradesh and had total revenue of INR 194 million (~USD 2.56 million) during FY 2020-21. Focal Energy Solar India operates a 4 MW solar project in Punjab and had total revenue of INR 60.7 million (~USD 802,035). SunBorne Energy Rajasthan Solar operates a 5 MW solar power project in Rajasthan and had total revenue of INR 85.1 million (~USD 1.12 million). Focal Energy Solar Three India operates the common transmission infrastructure of Focal Energy Solar One India and Globus. During FY 2020-21, FESI-3 had reported total revenue of INR 15.7 million (~USD 207,445).