Virescent Renewable Energy Trust (Virescent), a Mumbai-headquartered renewable energy platform backed by US investor KKR, is in advanced discussions to acquire around 100 MW of operational solar assets from Jakson Group.
The 100 MWp portfolio includes three operational solar power projects in Uttar Pradesh and Rajasthan. The installations supply electricity to NTPC Vidyut Vyapar Nigam Ltd. and Uttar Pradesh Power Corporation Ltd. under 25-year power purchase agreements (PPAs). Out of the three projects, Virescent completed the acquisition of a 12.4 MWp project located in Lalitpur earlier this month.
The purchase of Jakson’s solar assets will be the fifth such acquisition by Virescent, which has previously acquired assets from Shapoorji, Focal Energy, Sindicatum, and Godawari Power and Ispat. Virescent is the only infrastructure trust (InvIT) in India in the renewable energy space. The acquisition of Jakson’s assets is in line with its strategy to acquire operational renewable energy assets that have stable long-term cashflows with government counterparties across India.
“This new venture is a testimony to the company’s increasing footprint and focuses on sustainable growth in the renewable energy sector and we look forward to further expanding our relationship with them,” said Sanjay Grewal, chief executive officer of Virescent Infrastructure Investment Manager.
The Jakson PV asset deal will take Virescent’s total operational solar capacity to 600 MW.
“With the conclusion of this transaction, VRET will come closer to its aim of achieving a 1.5 GW portfolio of assets in the initial phase of its growth over the next two-three years,” it said.
Jackson Group, one of India’s leading energy companies, currently owns and operates around 200 MW of solar portfolio across four projects. It recently commissioned a 70 MW PV project in the Amguri solar park in Assam. It has also floated a new venture Jakson Green, which will focus on green hydrogen and ammonia, waste to energy, electrolyzers, fuel cells, utility-scale battery energy storage systems, solar, and O&M services across all segments.
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