KKR-backed Virescent looking to buy 88-MWp Indian solar portfolio from Jakson
Solar power plant in India. Source: Rays Power Infra
Virescent Renewable Energy Trust (VRET), an Indian renewable energy platform backed by global investment firm KKR & Co Inc (NYSE:KKR), is holding talks to acquire 87.6 MWp of solar projects at home, it said on Friday.
The negotiations are in progress with Indian energy and infrastructure company Jakson Group.
The target portfolio of three photovoltaic (PV) schemes is part of a larger group of assets with a combined capacity of 100 MWp. Virescent already agreed to acquire a 10 MW/12.4-MWp portion of the larger portfolio. Under a binding deal signed last month, it will become the owner of an operational solar park in the Lalitpur district of Uttar Pradesh in return for INR 445 million (USD 5.5m/EUR 6) in cash. The specific plant was switched on in March 2015 and operates under a power purchase agreement (PPA) with Uttar Pradesh Power Corp.
When the discussions for the purchase of the remaining assets in the bundle come to an end and binding definitive agreements are sealed, the buyer will make a disclosure, it said.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.