KKR-backed Virescent sets up India's first renewable energy trust

29 Sep 2021 CW Team

Renewable energy platform Virescent Infrastructure Limited has received sponsorship from KKR Fund Limited Partners and Co-Investors for setting up India's first renewable energy infrastructure investment trust (InvIT) known as Virescent Renewable Energy Trust (VRET).

It has raised Rs 4.6 billion from foreign and domestic investors. Alberta Investment Management Corporation (AIMCo), one of the largest institutional investment managers in Canada, leads the transaction on behalf of its clients.

KKR set up Virescent in 2020 to acquire operating renewable energy assets in India. It was the time when renewable energy was increasingly critical for powering India's energy needs, and an estimated 60% of India's installed renewable energy capacity by 2030. KKR sponsors Virescent from its Asia-Pacific Infrastructure Investors Fund.

VRET's initial portfolio consists of nine operational solar projects of 395 MWp capacity. Its assets are located in Gujarat, Maharashtra, Uttar Pradesh, Tamil Nadu and Rajasthan. VRET also acquired 55 MWp from Focal Energy.

CRISIL, India Ratings, S&P Global Ratings and Fitch's India affiliates assigned a AAA or Stable rating to VRET. The company is among a few Indian renewable energy trust and infrastructure companies to have received the highest AAA rating due to its healthy cash flow prospects, long-term power purchase agreements (PPAs) at predefined tariffs, track-record of its enhanced generation capabilities, healthy financial risk and low leverage supported by adequate liquidity. The AAA rating is likely to grow its portfolio to 2 GWp in two to three years.

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