Virescent Renewable Energy Trust (VRET), India's first renewable energy infrastructure investment trust (InvIT) built by KKR-sponsored Virescent Infrastructure, has raised Rs460 crore from Canadian fund Alberta Investment Management Corporation (AIMCo) and other investors.
This is the debut deal in India for AIMCo, one of Canada's largest and most diversified institutional
investment managers with more than $98 billion of assets under management (AUM) as of June 30, 2021.
Global investment company KKR joined the Indian renewable energy space in October last year when it set up Virescent with plans to acquire operating renewable energy assets in India.
KKR is investing in the clean energy InvIT from its Asia Pacific Infrastructure Investors Fund.
"Investing in VRET alongside AIMCo and other institutional investors will help us to capitalise on this huge market opportunity," stated Hardik Shah, managing director of KKR Infrastructure. "We will continue to support Virescent and its management team in providing greater renewable energy solutions to communities across India."
VRET's initial portfolio includes nine operational solar projects, with an aggregated capacity of approximately 395 MW. The assets are located in Maharashtra, Tamil Nadu, Uttar Pradesh, Gujarat and Rajasthan.
