India’s Largest Infrastructure Investment Trust Expands Renewable Energy Portfolio with Acquisition of Virescent Renewable Energy Trust
India Grid Trust (IndiGrid) has announced that it has signed an agreement to acquire Virescent Renewable Energy Trust for up to Rs 4,000 crore in cash.
The acquisition will be completed in one or more tranches and is subject to various regulatory approvals and closing adjustments.
Virescent Renewable Energy Trust was established in 2020 and has since acquired 16 solar projects in India, with a total capacity of 538 MWp and an asset under management of Rs 4,121 crore.
The acquisition will be a significant addition to IndiGrid’s renewable energy assets, which currently include 100 MWAC of solar generation capacity.
IndiGrid is India’s first and largest Infrastructure Investment Trust in the power transmission sector, with a total of 17 power projects, 8,468 ckms of transmission lines, and 13 substations with 17,550 MVA transformation capacity.