India’s first renewables InvIT raises USD 62m led by AIMCo

Solar panels in India's Rajasthan state. Image by: Yinson Holdings Berhad.

September 30 (Renewables Now) - Virescent Renewable Energy Trust (VRET), described as India’s first renewable energy infrastructure investment trust (InvIT), has raised INR 4.6 billion (USD 62m/EUR 53.2m) from foreign and local investors, led by Alberta Investment Management Corporation (AIMCo), global investment firm KKR & Co Inc (NYSE:KKR) said on Tuesday.

The trust has been launched by Virescent Infrastructure, a platform set up by KKR last year to acquire operating renewable energy assets in India.

VRET has an initial portfolio of nine operational solar facilities totalling 395 MWp in Maharashtra, Tamil Nadu, Uttar Pradesh, Gujarat and Rajasthan. It is also in advanced talks to acquire a 55-MWp portfolio from Focal Energy.

KKR said it invests in VRET from its Asia Pacific Infrastructure Investors Fund.

For Canadian institutional investment manager AIMCo, the investment expands its geographic footprint in Asia. “VRET’s portfolio of operating renewable energy assets whose economics are underpinned by long-term power purchase agreements are well aligned with our clients’ investment objectives,” said AIMCo’s director, infrastructure and renewable resources Ahmed Mubashir.

(INR 1 = USD 0.013/EUR 0.012)

More stories to explore
Share this story
Newsletter
Tags
 
About the author
Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\