Virescent Renewable Energy Trust (VRET) announced the signing of definitive agreements under which IndiGrid will acquire all the units under Virescent. This comes after a competitive sales process that drew interest from a number of high-calibre investors across the world. IndiGrid’s impending acquisition comes as Virescent’s Board of Directors approved its financials for the financial year ending March 31, 2023.
IndiGrid, founded in 2016 is India’s largest InvIT in the electricity transmission business. It owns, runs, and manages transmission networks as well as renewable energy assets that provide consistent power.
Recently, in March 2023, Virescent Infrastructure announced the acquisition of its sixth renewable energy-focused infrastructure investment trust (InvIT), VRET, from Mumbai-based Samta Energy. The acquisition brings the company’s total portfolio size to 563 MWp.
Recently, in April 2023, IndiGrid announced that International Finance Corporation has subscribed to a listed non-convertible debentures (NCD) issuance of IndiGrid aggregating to Rs 11.4 billion. With a total tenure of 18 years, the NCD were priced at a competitive rate that is fixed for a long tenure. IndiGrid plans to utilise this debt for funding its upcoming refinancing opportunities in 2024.
