KKR-backed Virescent Renewable Energy Trust (VRET) has raised INR 650 crore ($86.7 million) through a domestic bond issuance across INR150 crore ($20 million) and 10-year INR500 crore ($66.9 million) tranches.
The company said this marks the largest single-series issuance of INR500 crore ($66.7 million) in 10-year tenor by a renewable-energy company.
VRET primarily will use the bond proceeds to fund its immediate acquisition-related debt requirements as it scales up its portfolio from the existing 450 megawatts of operational solar projects.
The portfolio has long-term power-purchase agreements in place for the entire capacity.
“This bond issuance is a significant achievement in VRET’s journey, demonstrating our debt raising capabilities to achieve competitive pricing and longer maturity profiles,” said Sanjay Grewal, CEO of Virescent Infrastructure. “With VRET being a recently established entity in September 2021
