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
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?