Virescent Renewable Energy Trust completes acquires 100 pc stake in Godawari Green Energy – EQ Mag Pro
KKR-sponsored Virescent Renewable Energy Trust (VRET) on Thursday said it has complete acquisition of 100 per cent stake in Godawari Green Energy Ltd (GGEL).
”We are pleased to announce the acquisition of a 50-MW (megawatt) operating asset from Godawari Power and Ispat,” the company said in a statement.
GGEL operates a 50 MW concentrated solar power plant in the state of Rajasthan, the statement added.
The project was commissioned in June 2013 and has a PPA (power purchase agreement) with NTPC Vidyut Vyapar Nigam (NVVN) for 25 years.
Virescent CEO Sanjay Grewal said in the statement, ”The acquisition is in line with our investment strategy to aggregate assets with long-term contracts with credible counterparties. With this acquisition, VRET now manages 500 MW of operating solar assets across India.” Grewal added that this is VRET’s fourth acquisition in the past 18 months. ”It has also acquired solar portfolios from Shapoorji Pallonji, Sindicatum as well as Focal Energy.” The Virescent Renewable Energy Trust is an infrastructure investment trust (InvIT) established as a trust under the Indian Trusts Act, 1882, with the objective of undertaking investment activities as an InvIT in accordance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.
Virescent Infrastructure Investment Manager Pvt Ltd is a private limited company incorporated under the provisions of Companies Act, 2013, and will act as the investment manager of Virescent Renewable Energy Trust. Headquartered in Mumbai, Virescent will expand its diversified portfolio of operational renewable energy assets by identifying investment opportunities that have stable cash flows stemming from long-term contracts with state and central government counterparties across India. The current installed capacity is 394 MWp (megawatt peak) across nine operational projects with additional 55 MWp of assets in pipeline.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds.
Source: devdiscourse
