US investor KKR-backed Virescent Infrastructure today announced it had completed the acquisition of 76 MWp of Indian solar assets from Singapore’s Sindicatum Group.
These PV assets are spread across three states and benefit from long-term power purchase agreements with government off-takers.
The acquisition is in line with Virescent’s strategy to acquire operational renewable energy assets that have stable long-term cashflows with government counterparties across India.
While more details from Virescent are still awaited, the acquired projects are presumably the 20 MW+15 MW plants owned and commissioned by Sindicatum in Gujarat, 5.2 MW in Rajasthan, and 35.2 MW in Uttar Pradesh.
Sindicatum commissioned the 20MWp and 15 MWp Gujarat projects in the year 2012 through its subsidiaries PLG Photovoltaic and Sindicatum Solar Energy Gujarat, respectively. The plants, located in the Patan district, benefit from a 25-year power purchase agreement with the state discom Gujarat Urja Vikas Nigam Limited (GUVNL).
Sindicatum Solar Energy Rajasthan commissioned the 5.2 MWp solar plant in Rajasthan in 2011. The project is located one hour from Jodhpur City. The electricity generated from the project is being sold under a long-term power purchase agreement with NTPC Vidyut Vyapar Nigam Ltd (NVVN). Jodhpur Vidyut Vitaran Nigam Limited is the associated Discom for the project.
Universal Saur Urja, another arm of Sindicatum, commissioned the 35.2 MWp Uttar Pradesh project in September 2016. The plant, located in Mahoba district, benefits from a 25-year power purchase agreement with State government utility, Uttar Pradesh Power Corporation Limited (UPPCL), and exports to the grid about 14 km away via a 132 kV transmission line.
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