Liquidity Events
KKR sells renewable energy InvIT Virescent to IndiGrid for Rs.4,000-Cr
Global private equity firm KKR has sold Virescent ReneÂwable Energy Trust (VRET), India's only renewable energy (RE) Infrastructure InvesÂtment Trust (InvIT), to publicly listed India Grid Trust (IndiGrid, in which KKR is also an stakeholder). The deal size is estimated to be INR 4,000 crore. The transaction will involve IndiGrid taking over all of VRET's 16 project special purpose vehicles, and Virescent will get delisted and dissolved. VRET was launched in 2020 by Virescent InfraÂstructure, backed by KKR. It has a portfolio of 16 operating solar projects totalling 538 megawatt (Mw) capacity with an asset under management of INR 4,121 crore as of March 31. In 2021, VRET became India's first privately listed renewables-focused InvIT. Recently, VRET announced its sixth acquisition, which will bring its total capacity to 563 Mw upon completion. For the year ended March 31, VRET's consolidated revenue stood at INR 537 crore with an Ebitda of INR 425 crore. IndiGrid was set up in 2016 and sponsored by investment company KKR and Vedanta group's Sterlite Power. Its portfolio consists of 16 power projects, mainly in power transmission.
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