NEW DELHI : Virescent Infrastructure, which manages the Virescent Renewable Vitality Belief (VRET) is about to buy about 100 MW of solar energy portfolio from Jakson Group for round ₹400 crore.
The portfolio contains three operational photo voltaic tasks in Uttar Pradesh and Rajasthan, which have long run energy buy agreements with NTPC Vidyut Vyapar Nigam Restricted and Uttar Pradesh Energy Company Restricted for 25 years, mentioned Sanjay Grewal, chief govt officer (CEO), Virescent Infrastructure.
The transaction is in superior phases of closure, Grewal mentioned. The transaction can be full within the subsequent few months, he mentioned.
“With the conclusion of this transaction, VRET will come nearer to its purpose of attaining a 1.5 GW portfolio of belongings within the preliminary part of its progress over the subsequent two to 3 years,” Grewal mentioned. The newest addition of 100 MW will take its photo voltaic portfolio to 600 MW, he mentioned.
Submit the acquisition, Virescent and Jakson Group purpose to collaborate in different areas too, Grewal mentioned.
The Jakson Group’s chairman and managing director, Sameer Gupta, mentioned it’s a long-term relationship with the KKR-backed firm. Jackson additionally goals to promote extra of its photo voltaic portfolio, Gupta mentioned.
Vitality and infrastructure firm, Jakson Group, owns and operates round 200 MW of photo voltaic portfolio throughout 4 tasks. That they had lately introduced commissioning of its 70 MW challenge on the Amguri photo voltaic park in Assam. Gupta additionally mentioned that the corporate has bid for about 200 MW of solar energy tasks.
Jackson lately introduced its new enterprise Jakson Inexperienced Pvt Restricted (JGPL), which is able to concentrate on inexperienced hydrogen and ammonia, waste to vitality, electrolyzers and gas cells, utility-scale battery vitality storage methods, photo voltaic and associated operation and upkeep companies throughout all these strains of enterprise.
International funding agency KKR entered the Indian renewable vitality house in 2020 when it arrange Virescent with plans to amass working renewable vitality belongings in India. This can be Virescent’s fifth acquisition having already acquired 4 portfolios together with belongings from Shapoorji Pallonji Infra and Godawari Energy & Ispat.
Belongings below administration of Virescent as on 31 March 2022 was ₹3,850 crore.
That is more likely to improve to ₹4,250 crore after completion of the transaction.
In February this 12 months, VRET raised ₹650 crore by way of a home bond situation.
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Supply: Live Mint