Virescent Acquires 55 MWp Solar Assets of Focal Energy

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KKR-backed Virescent Infrastructure has announced the acquisition of 55 MWp of solar assets from Focal Energy.

The acquired assets are spread across three states and have a mix of Central Government and State Government off-takers, the company said in a statement.

The acquisition is in line with Virescent’s strategy to acquire operational renewable energy assets that have stable long-term cashflows with government counterparties across India.

Last month, Virescent Renewable Energy Trust (VRET) had signed an agreement for the acquisition of 100% in Globus Steel & Power Pvt Ltd, Focal Energy Solar One India Pvt Ltd, Focal Energy Solar India Pvt Ltd, and SunBorne Energy Rajasthan Solar Pvt Ltd.

The agreement was also inked for an indirect acquisition of 66% in Focal Energy Solar Three India Pvt Ltd.

Delhi-based Focal Energy has assets in the Solar, hydro, and biomass segments. Focal Energy’s other investors include Israel-based Migdal Group, Poalim Capital Markets and Vital Capital Fund.

Overall, Virescent now manages 13 operating projects spread across seven states in India, with more than 50% exposure to tier 1 counterparties including SECI, NVVN, and GUVNL, said the company.

VRET had raised funds to the tune of Rs 2,150 crore through various financing instruments. KKR invests in Virescent Renewable from its Asia Pacific Infrastructure Investors Fund.

VRET has raised Rs 1,000 crore in its debut issuance across 3, 5, and 7-year tranches adding that this transaction marks the first ever issuance by a Renewable Energy InvIT in India.

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