KKR-backed Virescent Infrastructure, an Indian renewable-energy platform, has established the country’s first renewable-energy infrastructure investment trust, Virescent Renewable Energy Trust (VRET), and raised INR 4.6 billion ($62 million).
VRET was backed by a group of foreign and domestic investors. Leading the transaction, on behalf of its clients, is Alberta Investment Management Corp. (AIMCo), one of Canada’s largest institutional investment managers.
KKR established Virescent in October 2020 to acquire operating renewable-energy assets in India. This comes at a time when renewables are set to play an increasingly critical role in powering India’s energy needs and are estimated to make up 60 percent of India’s installed power capacity by 2030.
KKR invests in VRET from its Asia Pacific Infrastructure Investors Fund.
VRET’s initial portfolio consists of nine operational solar projects, with an aggregated capacity of 395 megawatt peak. The a
