Adani Green, Torrent, Shell, Actis looking for KKR’s InvIT

Reportedly, domestic and global energy developers, including Adani Green, Shell, Torrent Power, and Actis, are looking to acquire Virescent Renewable Energy Trust, an infrastructure investment trust (InvIT) owned by KKR India, for an enterprise value of $550 million.

The trust has a portfolio of 16 operational solar power projects, aggregating to 538 MW, across 7 states. If the deal materialises, this could be the first sale of an InvIT in India. The contenders have submitted non-binding offers and are currently negotiating with KKR and its advisors JP Morgan who will proceed with the shortlisted candidates for the next round of negotiations and due diligence. The trust’s initial portfolio of assets comprised 9 operational solar power projects, aggregating to 394 MW, in Maharashtra, Tamil Nadu, Rajasthan, Gujarat and Uttar Pradesh. Subsequently, the Trust added another seven operational solar power projects, aggregating to 144 MW, in Rajasthan, Madhya Pradesh and Punjab. Notably, all 16 projects have long-term power purchase agreements for 25 years, with central and state government offtakers.