India Grid Trust has completed the acquisition of 100 per cent units of Virescent Renewable Energy Trust (VRET) at an enterprise value of up to Rs 4,000 crore, subject to all other closing adjustments as specified in the definitive documents.
VRET is a Sebi-registered infrastructure investment trust set up on February 25, 2021 as per provisions of the InvIT Regulations. A total of 16 solar projects with a capacity of 538 MWp will be added to the IndiGrid portfolio following the acquisition. This will push up IndiGrid's Assets Under Management (AUM) to about Rs 27,000 crore and the overall solar capacity to 676 MWp comprising approximately 17 per cent of its assets under management. The units of VRET are issued on a private placement basis and are listed on the NSE since September 2021 and will be delisted on or around August 29, 2023.
India Grid Trust is an Indian power sector infrastructure investment trust.
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