KKR-backed Virescent buys 55-MWp solar bundle in India

Virescent Renewable Energy Trust (VRET), an Indian renewable energy platform backed by global investment firm KKR & Co Inc (NYSE:KKR), has purchased a 40-MW/55-MWp portfolio of solar parks in India for INR 3.54 billion (USD 46.8m/EUR 41.4m).

The assets were acquired 100% of four special purpose vehicles (SPVs) held by Focal Energy, as well as a 66% indirect interest in another entity, Focal Energy Solar Three India, the buyer said on Thursday.

The four companies own solar assets with capacities of between 4 MW and 20 MW located in the states of Madhya Pradesh, Punjab and Rajasthan. All of these plants operate under power purchase agreements (PPAs) with central and state government agencies. The capacity was brought online in the 2010-2015 period.

Focal Energy Solar Three India operates the common transmission infrastructure of two 20-MW solar parks.

Mumbai-based VRET is India’s first renewable energy infrastructure investment trust (InvIT) and has roughly 394 MWp of installed capacity spread across nine plants in Maharashtra, Tamil Nadu, Uttar Pradesh, Gujarat and Rajasthan. The company was launched by Virescent Infrastructure, a platform set up by KKR last year to acquire operating renewable energy assets in India.

(INR 10 = USD 0.132/EUR 0.117)

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