KKR-backed Virescent aiming to acquire 88-MWp Indian solar portfolio from Jakson

• Virescent Renewable Energy Trust (VRET), an Indian renewable energy platform backed by international investment company KKR & Co Inc (NYSE: KKR), is holding speak with acquire 87.6 MWp of solar projects in the house, it stated on Friday.

The settlements remain in progress with Indian power and infrastructure company Jakson Group.

The target portfolio of 3 solar (PV) schemes becomes part of a larger group of assets with an integrated ability of 100 MWp. Virescent already consented to acquire a 10 MW/12.4-MWp portion of the larger portfolio. Under a binding bargain authorized last month, it will certainly come to be the owner of a functional solar park in the Lalitpur area of Uttar Pradesh in return for INR 445 million (USD 5.5 m/EUR 6) in money. The particular plant was turned on in March 2015 and also operates under a power purchase agreement (PPA) with Uttar Pradesh Power Corp

When the discussions for the purchase of the staying assets in the package pertained to an end as well as binding clear-cut agreements are sealed, the customer will certainly make a disclosure, it said.