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KKR Acquires InvIT Virescent to IndiGrid for INR 4,000 Crores

VRET stated it inked definitive agreements with IndiGrid, the nation’s first and largest power transmission InvIT, to acquire all units of VRET along with its investment and project managers.

May 13, 2023. By EI News Network

The transaction will involve IndiGrid taking over all of VRET's 16 project special purpose vehicles, and Virescent will get delisted and dissolved.

Global private equity firm KKR has sold the country’s first and only renewable energy (RE) Infrastructure Investment Trust (InvIT), Virescent Renewable Energy Trust (VRET) to India Grid Trust (IndiGrid). The deal size is estimated the value to be INR 4,000 crores.

VRET stated it inked definitive agreements with IndiGrid, the nation’s first and largest power transmission InvIT, to acquire all units of VRET along with its investment and project managers.

VRET was launched in 2020 by Virescent Infrastructure, which is assisted by KKR.

VRET has an operational profile of 16 operating solar projects comprising 538 MW capacity with an asset under management of INR 4,121 crore as of March 31.

The transaction will involve IndiGrid taking over all of VRET’s 16 project special purpose vehicles, and Virescent will get delisted and dissolved.

IndiGrid was established in 2016 and by investment company KKR and Vedanta Group’s Sterlite Power. Its portfolio presently contains 16 power projects, majorly power transmission.

The company is the investment manager of the InvIT and is majority owned by Electron IM, an associate with the KKR Sponsor.

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Special Purpose Vehicle

Assets Under Management

Investment

Project management

Solar projects