Infrastructure investment trust India Grid Trust said it has completed the acquisition of Virescent Renewable Energy Trust (VRET).
India Grid Trust said the enterprise value is not exceeding Rs 4,000 crore, subject to all other closing adjustments as specified in the definitive documents.
“India Grid Trust (IndiGrid) has completed the acquisition of 100 per cent units of Virescent Renewable Energy Trust on August 25,” it said in a BSE filing.
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, as per the filing.
The investment manager of VRET is Virescent Infrastructure Investment Manager Private Ltd while its project manager is Virescent Renewable Energy Project Manager Private Ltd.