Virescent to acquire 100MW solar power assets from Jakson Group

Virescent Renewable Energy Trust (VRET or Virescent), a renewable energy platform backed by the leading global investment firm KKR in India, is in advance stages of discussions for acquisition of  around 100 MW power (MWp) of solar assets from Jakson Group for Rs 4 billion.

The asset of around 100MWp portfolio comprises three operational solar power projects located in Uttar Pradesh and Rajasthan and has a long-term power purchase agreement (PPA) with NTPC Vidyut Vyapar Nigam Limited and Uttar Pradesh Power Corporation Limited for 25 years. Virescent completed the acquisition of one of the three projects viz. 12.4 MWp project located at Lalitpur earlier this month. Jakson acquisition would take Virescent’s total operation solar capacity to 600MWs. The assets under management (AUM) of Virescent as per their latest valuation report (as of March 31, 2022) stands currently at around Rs 38.50 billion which will go to Rs 42.50 billion with Jakson acquisition. With the conclusion of this transaction, VRET will come closer to its aim of achieving a 1.5GW portfolio of assets in the initial phase of its growth over the next two-three years. Jakson’s solar power unit purchase will be the fifth such acquisition by Virescent. Earlier, Virescent has completed four acquisitions, from Shapoorji Pallonji Infrastructure Capital Company Private Limited, Focal Energy, Sindicatum Renewable Energy Company Pte Limited and Godawari Power and Ispat Limited.

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