Virescent Renewable Energy Trust is registered as an infrastructure investment trust (InvIT) established under the SEBI InvIT Regulations on February 25, 2021 to invest, acquire, manage and operate renewable energy projects in India.
Terra Asia Holdings II Pte. Ltd. is the Sponsor to the Trust and is an affiliate of the funds, vehicles and/or entities managed and/or advised by affiliates of KKR. Virescent Infrastructure Investment Manager Private Limited is the Investment Manager to the Trust. It manages the operations of the portfolio of renewable assets owned by Virescent Renewable Energy Trust in India. Virescent Renewable Energy Project Manager Private Limited is the Project Manager to the Trust. Axis Trustee Services Limited is the Trustee to Terra InvIT. The Trustee is a registered intermediary with SEBI, as a debenture trustee since January 31, 2014.
Founded in 1976, KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions with approximately $428 billion of assets under management. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. It aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities.
KKR has been investing in India since 2006, having extensively engaged in the operations and strategies of its portfolio companies across infrastructure, private equity and credit, to corporations and real estate businesses in India. In 2008, it established a dedicated infrastructure team and strategy focused on global investment opportunities. It has been one of the more active infrastructure investors globally over the past several years, having deployed more than $30 billion across over 50 infrastructure assets. KKR aims to be a patient capital provider to help bring flexible financial solutions to meet the needs of India`s private and public sectors.
Currently, KKR`s infrastructure platform has expanded to include approximately 60 dedicated investment professionals across 10 offices covering a broad spectrum of investment opportunities in various infrastructure subsectors, including: midstream energy, renewables, power & utilities, water and wastewater, waste, telecommunications and transportation, among others. KKR continually monitors infrastructure sectors and infrastructure-related investments for emerging trends and may identify and prioritize investments in other sectors as conditions change or cycles evolve. KKR has invested or committed $6.2 billion of equity in private equity deals in India since 2010 with 20 investments made and 10 active portfolio companies currently. KKR`s Asia Pacific infrastructure portfolio includes India Grid Trust, TSK Corporation, Eco Solutions Group, First Gen, and Pinnacle Towers.
The portfolio comprises off-takers, being SECI, TANGEDCO, NVVN, GUVNL and UPPCL. The Trust`s initial portfolio of assets comprised of 9 operational solar power projects, aggregating to 394 MWp, in the States of Maharashtra, Tamil Nadu, Rajasthan, Gujarat & Uttar Pradesh. Subsequently, it added another 5 operational solar power projects, aggregating to 106 MWp, in states like Rajasthan, Madhya Pradesh & Punjab. Presently, it has a portfolio of 14 operational solar power projects, aggregating to 500 MWp, across 7 states.