India’s first and only renewable energy Infrastructure Investment Trust (InvIT) Virescent Renewable Energy Trust (VRET) has raised Rs 460 crore from foreign and domestic investors in its first round of funding.
VRET was floated in February 2021 by Virescent Infrastructure, which was set up in 2020 and is backed by global investment firm KKR.
VRET’s initial portfolio comprises nine operational solar projects, with an aggregated capacity of 395 MW. These projects are in Maharashtra, Tamil Nadu, Uttar Pradesh, Gujarat and Rajasthan. The company was in advanced discussions to acquire 55 MW portfolio from Focal Energy.
The company will expand its portfolio by identifying investment opportunities that have stable cash flows stemming from long-term contracts with state and Central government counterparties across India.
Alberta Investment Management Corporation, one of Canada’s largest institutional investment managers, led the transaction.