KKR merges IndiGrid and Virescent InvITs in unique deal
POWER & RENEWABLE ENERGY

KKR merges IndiGrid and Virescent InvITs in unique deal

IndiGrid, the Infrastructure Investment Trust (InvIT) in the Indian power sector owned by KKR, has acquired Virescent Renewable Energy Trust, which was also floated by the same fund. This deal, the first of its kind, valued Virescent at Rs 40 billion.

IndiGrid will acquire all units of Virescent, along with its investment manager and project manager. A Virescent executive said that Sebi approval is being sought for the transaction, but current laws do not allow such mergers.

Virescent's consolidated revenue for FY23 was Rs 5.37 billion, with an Ebitda of Rs 4.25 billion. Since its InvIT formation in 2020, it has distributed a total of Rs 7.2 billion as dividend, including Rs 3.5 billion in FY23.

The transaction followed a competitive sale process that attracted interest from investors across the world, with about half a dozen domestic and global energy developers, including Jindal Steel and Power, Actis, and an arm of International Holding Corporation of Abu Dhabi, among those in the final stage, apart from Indigrid.

Virescent was set up in 2020 to acquire renewable energy assets in India. It has 16 operating solar projects with a total capacity of 538 MW and assets under management of Rs 41.21 billion as of March 31. In September 2021, Virescent became India's first privately listed renewables-focused InvIT.

In 2021, Virescent raised Rs 4.6 billion in a round led by Alberta Investment Management Corp (AIMCo), one of Canada's largest institutional investment managers. Terra Asia Holdings II Pte is the sponsor of the trust and affiliated with KKR.

Also read:
Tata Power’s TP Saurya signs solar project in Rajasthan
Rajasthan seeks bids for KUSUM Program-Eligible 452 MW solar projects


IndiGrid, the Infrastructure Investment Trust (InvIT) in the Indian power sector owned by KKR, has acquired Virescent Renewable Energy Trust, which was also floated by the same fund. This deal, the first of its kind, valued Virescent at Rs 40 billion. IndiGrid will acquire all units of Virescent, along with its investment manager and project manager. A Virescent executive said that Sebi approval is being sought for the transaction, but current laws do not allow such mergers. Virescent's consolidated revenue for FY23 was Rs 5.37 billion, with an Ebitda of Rs 4.25 billion. Since its InvIT formation in 2020, it has distributed a total of Rs 7.2 billion as dividend, including Rs 3.5 billion in FY23. The transaction followed a competitive sale process that attracted interest from investors across the world, with about half a dozen domestic and global energy developers, including Jindal Steel and Power, Actis, and an arm of International Holding Corporation of Abu Dhabi, among those in the final stage, apart from Indigrid. Virescent was set up in 2020 to acquire renewable energy assets in India. It has 16 operating solar projects with a total capacity of 538 MW and assets under management of Rs 41.21 billion as of March 31. In September 2021, Virescent became India's first privately listed renewables-focused InvIT. In 2021, Virescent raised Rs 4.6 billion in a round led by Alberta Investment Management Corp (AIMCo), one of Canada's largest institutional investment managers. Terra Asia Holdings II Pte is the sponsor of the trust and affiliated with KKR. Also read: Tata Power’s TP Saurya signs solar project in Rajasthan Rajasthan seeks bids for KUSUM Program-Eligible 452 MW solar projects

Next Story
Infrastructure Urban

Designing Tomorrow: Amaravati’s Net Zero Landmark

Amaravati has achieved a defining landmark in India’s sustainable infrastructure journey with the inauguration of the APCRDA Project Office, the nation’s first government building to earn the IGBC Net Zero Energy Rating – Design Stage. Conceptualised by the Andhra Pradesh Capital Region Development Authority (APCRDA) and certified by the Indian Green Building Council (IGBC), the project exemplifies how governance, design and innovation can converge to deliver measurable environmental impact.A vision rooted in sustainabilitySet within a 4.3-acre site along the Seed Access Road in the Amar..

Next Story
Real Estate

Pidilite Elevates Construction with PPS

Pidilite Industries introduced Pidilite Professional Solutions (PPS) — a dedicated vertical for the construction and interiors ecosystem — at ACETECH Bengaluru 2025. Designed to empower architects, developers, contractors, and interior specialists, PPS delivers comprehensive support that extends far beyond products to ensure project excellence from concept to completion. Kavinder Singh, Joint Managing Director, Pidilite Industries, noted, “At Pidilite, we believe in enabling the construction fraternity to build boldly and sustainably. With Pidilite Professional Solutions (PPS),..

Next Story
Infrastructure Transport

Punjab, Centre Fast-Track Rajpura-Mohali Rail Line Development

The central government has fast-tracked the construction of the Rajpura-Mohali rail line to enhance connectivity in Punjab. This ambitious infrastructure project, aimed at improving transportation links between Rajpura and Mohali, has been identified as a key step in fostering regional economic growth. Union Minister for Railways, Ashwini Vaishnaw, announced the project’s acceleration during a recent assessment of the area. The rail line is expected to play a significant role in reducing travel time, promoting industrial growth, and boosting logistics efficiency in the region. The project,..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?