Virescent to acquire 100 MW solar power portfolio from Jakson Group; details here

Virescent Infrastructure, which manages the Virescent Renewable Energy Trust (VRET), is all set to acquire about 100 MW of solar power portfolio for around ₹400 crore from the Jakson Group. According to a Mint report, Sanjay Grewal, chief executive officer (CEO), Virescent Infrastructure, said that the transaction is in advanced stages of closure and would close in a few months. After the acquisition, Jakson Group and Virescent are also planning to collaborate in other areas. “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 to three years," Grewal said. He added that the latest addition will take the company’s solar portfolio to 600 MW. The portfolio includes three operational solar projects in Rajasthan and Uttar Pradesh. The projects have long term power purchase agreements with Uttar Pradesh Power Corporation Limited and with NTPC Vidyut Vyapar Nigam Limited for 25 years. Sameer Gupta, chairman and managing director of the Jakson Group, has said that the company aims to sell more of its solar power portfolio. It is also looking at a long-term relationship with Virescent. As for Virescent, the renewable energy trust of the KKR-backed company had raised Rs 650 crore through domestic bond issue in February this year. A statement by VRET notified that the organisation had “raised Rs 650 crore through a domestic bond issuance across 7.33-year (Rs 150 crore) and 10-year (Rs 500 crore) tranches”. As per a report in PTI, which quoted the statement, the instance marked the largest single series issuance of Rs 500 crore by a renewable energy company in 10-year tenor. The proceeds from the bond issue was to be used by VRET to scale up its portfolio and fund its immediate acquisition related debt requirements. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.