KKR-backed renewable InvIT raises ₹460 crore
- ByManjeet Singh | September 29, 2021
VRET, India’s first Renewable Energy Infrastructure Investment Trust (InvIT), was set up by KKR-sponsored Virescent Infrastructure and has raised Rs460 crore from AIMCO and other investors.
Virescent was set up in October 2020 by KKR to acquire renewable energy assets in India. By 2030, renewables are expected to account for 60% of India’s installed power capacity and play a key role in powering the country’s energy needs. KKR invests in VRET through its Asia Pacific Infrastructure Investors Fund.
The initial portfolio of VRET consists of nine operational solar projects with an aggregate capacity of approximately 395 MWp. Among the states where assets are located are Maharashtra, Tamil Nadu, Uttar Pradesh, Gujarat, and Rajasthan. VRET is also in advanced talks with Focal Energy to purchase a 55MWp portfolio, pending applicable approvals.
Sanjay Grewal, CEO, Virescent Infrastructure, said, “This incredible achievement is an important milestone in Virescent’s journey. VRET is India’s first renewable energy-focused InvIT and one of the few entities in the infrastructure sector to get the highest ‘AAA’ rating from two rating agencies, CRISIL and India Ratings. We look forward to drawing on the global investment management expertise of our investors as we continue to acquire high-quality assets for achieving our initial growth targets.”
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