Private Equity Fund Investments
KKR-backed renewable energy InvIT, VRET, raises Rs.460-Cr
Press Release Business Standard
Renewable energy InvIT (Infrastructure Investment Trust) Virescent Renewable Energy Trust (VRET) has raised INR 460 crore led by Canadian investor Alberta Investment Management Corporation (AIMCo). VRET was floated in February 2021 by Virescent Infrastructure, which was set up by US-headquartered Private Equity firm KKR in 2020 to acquire operating renewable energy assets in India. (KKR invests in VRET from its Asia Pacific Infrastructure Investors Fund.) Axis Capital acted as the lead manager to the issue. Shardul Amarchand and E&Y acted as the legal advisors and tax advisors, respectively to the issue. VRET's initial portfolio comprises nine operational solar projects, with an aggregated capacity of 395 MW. The assets are located in Maharashtra, Tamil Nadu, Uttar Pradesh, Gujarat and Rajasthan. The company is in talks to acquire a 55 MW portfolio from Focal Energy.
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