KKR's Virescent buys 20-MW Indian PV park from Jakson Group
Solar modules. Featured Image: Jackiso/Shutterstock.com
Indian platform Virescent Renewable Energy Trust (VRET) has acquired a 20-MW/25.9 MW DC solar park in the state of Rajasthan from domestic energy and infrastructure company Jakson Group.
The plant will be owned by VRET’s subsidiary Universal Saur Urja Pvt Ltd, the parent company said in a bourse filing on Wednesday. The acquisition was agreed at the end of September and was carried out through a slump sale. The enterprise value of the transaction is estimated at INR 1.28 billion (USD 15.5m/EUR 15.8m).
Located in the Jodhpur district of Rajasthan, the photovoltaic (PV) farm is run through a 25-year power purchase agreement (PPA) with NTPC Vidyut Vyapar Nigam, which was signed in January 2012. The plant has been generating electricity since February 2013. In the fiscal year through March 2022, it brought revenues of some INR 236 million.
VRET is backed by global investment firm KKR & Co Inc (NYSE:KKR). The platform said the latest acquisition was conducted as part of its investment strategy.
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.