Virescent to get India's Godawari Green Energy
- Virescent Renewable Energy Trust (VRET), an Indian renewable energy platform backed by global investment company KKR & Co Inc (NYSE: KKR), has accepted get a green energy subsidiary of compatriot Godawari Power as well as Ispat Ltd (BOM: 532734).
The vendor stated in a bourse filing last week that the prepared transaction has an enterprise worth of INR 6.65 billion (USD 93.8 m/EUR 82.7 m). The sale was provided in-principle authorization by the moms and dad firm.
Godawari Green Energy Ltd, set up in 2009, is involved in sustainable power generation. Its flagship project is a 50-MW focused solar energy park in Rajasthan's Jaisalmer area. The plant was brought online in 2013 as well as is operating under a 25-year power purchase arrangement (PPA) with NTPC Vidyut Vyapar Nigam Ltd
According to the statement, Godawari Power possesses a 99.95% risk in Godawari Green.
The value of the deal undergoes balance sheet changes and various other modifications, Godawari noted. The deal's closing is pending shareholder and also governing clearance.
Previously in February, VRET elevated INR 6.5 billion from a residential sale of non-convertible bonds to fund acquisition-related debt needs needed for its expansion. The business's present portfolio includes 450 MWp of operational solar capacity.
