Renewable

November 18 (Renewables Now) - Virescent Renewable Energy Trust (VRET) has obtained INR 21.5 billion (USD 289.4m/EUR 255.8m) through a combination of non-convertible debentures (NCD), long-term and working capital financing.

The proceeds will mainly go for the refinancing of existing debt and to support future acquisitions, the company said on Monday.

Mumbai-based VRET is India’s first renewable energy infrastructure investment trust (InvIT) and currently has roughly 394 MWp of installed capacity across nine projects. Among its backers are Alberta Investment Management Corporation (AIMCo) and global investment firm KKR & Co Inc (NYSE:KKR). The trust was launched by Virescent Infrastructure, a platform set up by KKR last year to acquire operating renewable energy assets in India.

VRET said it has raised INR 10 billion through the sale of NCDs with tenures of between three and seven years, while a further INR 10 billion was secured in the form of long-term debt funding from L&T Finance. An additional INR 1.5 billion working capital facility came from Tata Capital.

Barclays Bank plc, Trust Investment Advisors and ICICI Bank acted as arrangers of the NCDs issuance.

The capital raising comes on the heels of a funding round in September that provided VRET with INR 4.6 billion.

(INR 10 = USD 0.135/EUR 0.119)