Godawari Green Energy Limited (GGEL) has signed a share purchase agreement with Virescent Renewable Energy Trust (VRET) for the sale of a 50 MW solar thermal power facility owned by GGEL. The overall transaction value is close to Rs 6.65 billion, and it is subject to certain balance sheet adjustments as of the closing date.
Godawari Power and Ispat Limited is a government-owned company that aims to build integrated steel manufacturing plants in India that can also generate power. Virescent Infrastructure Investment Manager, on the other hand, is an infrastructure investment trust (InvIT) that specialises in solar power projects and has built a capacity of about 450 MW of solar assets in states such as Gujarat, Madhya Pradesh, Punjab, Rajasthan, Tamil Nadu, and Uttar Pradesh in a short period of time.
In December 2021, Virescent Renewable Energy Trust, announced the acquisition of a 49 MW solar portfolio from five Focal Energy special purpose vehicles for Rs 3.54 billion. Madhya Pradesh, Punjab, and Rajasthan are the locations of the solar assets. The portfolio includes off-takers from both the federal and state governments.