Virescent Renewable Energy Trust (VRET) intends to purchase approximately 100 MW solar projects from Jakson Group. The Jakson acquisition would elevate the total operational solar capacity of Virescent to 600 MW. This would help the company to achieve its goal of acquiring a 1.5 GW portfolio of assets over the next two to three years. Virescent seeks to diversify its portfolio of operational renewable energy assets in India through projects that have stable cash flows resulting from long-term contracts with power utilities.
VRET has a portfolio of 14 operational solar power projects, aggregating to 500 MWp, across seven states. Its initial portfolio of assets consisted of nine operational solar power projects, aggregating to 394 MWp. The projects are located in the states of Maharashtra, Tamil Nadu, Rajasthan, Gujarat and Uttar Pradesh. Subsequently, VRET added another five operational solar power projects, aggregating to 106 MWp, in the states of Rajasthan, Madhya Pradesh and Punjab. All 14 projects have long term power purchase agreements for 25 years, with central and state government off-takers.
In February 2022, Godawari Green Energy Limited (GGEL) signed a share purchase agreement with VRET for the sale of a 50 MW solar thermal power facility owned by GGEL. The overall transaction value was close to Rs 6.65 billion.
