The portfolio includes three operational solar projects in Uttar Pradesh and Rajasthan, which have long term power purchase agreements with NTPC Vidyut Vyapar Nigam Limited and Uttar Pradesh Power Corporation Limited for 25 years, said Sanjay Grewal, chief executive officer (CEO), Virescent Infrastructure.
The transaction is in advanced stages of closure, Grewal said. The transaction will be complete in the next few months, he said.
“With the conclusion of this transaction, VRET will come closer to its aim of achieving a 1.5 GW portfolio of assets in the initial phase of its growth over the next two to three years," Grewal said. The latest addition of 100 MW will take its solar portfolio to 600 MW, he said.
Post the acquisition, Virescent and Jakson Group aim to collaborate in other areas too, Grewal said.
The Jakson Group’s chairman and managing director, Sameer Gupta, said it is looking at a long-term relationship with the KKR-backed company. Jackson also aims to sell more of its solar portfolio, Gupta said.
Energy and infrastructure company, Jakson Group, owns and operates around 200 MW of solar portfolio across four projects. They had recently announced commissioning of its 70 MW project at the Amguri solar park in Assam. Gupta also said that the company has bid for about 200 MW of solar power projects.
Jackson recently announced its new venture Jakson Green Pvt Limited (JGPL), which will focus on green hydrogen and ammonia, waste to energy, electrolyzers and fuel cells, utility-scale battery energy storage systems, solar and related operation and maintenance services across all these lines of business.
Global investment firm KKR entered the Indian renewable energy space in 2020 when it set up Virescent with plans to acquire operating renewable energy assets in India. This will be Virescent’s fifth acquisition having already acquired four portfolios including assets from Shapoorji Pallonji Infra and Godawari Power & Ispat.
Assets under management of Virescent as on 31 March 2022 was ₹3,850 crore.
This is likely to increase to ₹4,250 crore after completion of the transaction.
In February this year, VRET raised ₹650 crore through a domestic bond issue.
