Virescent Renewable Energy Acquires 50 MW Solar Thermal Asset From Godawari Green Energy Limited

Virescent Renewable Energy Trust (VRET) has signed a Share Purchase Agreement for the acquisition of 50-megawatt solar thermal power plant from Godawari Green Energy Limited (GGEL).

Godawari Green Energy Limited is owned by Godawari Power and Ispat Limited and operates 50 MW concentrated solar power plant in the state of Rajasthan.

This was a non-core asset and we were looking to sell it for quite some time. Finally, we have been able to close a deal with Virescent which is a KKR backed entity, said Dinesh Gandhi, Director of Godawari Power and Ispat.

The total deal size is close to about Rs 665 crore and is subject to certain balance sheet adjustment as on the date of the closing and therefore.

“The acquisition of aforesaid solar asset is in line with the Virescent investment strategy as provided in the trust deed with a focus to ensure stable distribution to unitholders by owning assets with long term contracts,” the company said in a filing.