India’s first and only Infrastructure Investment Trust (InvIT) in the renewable energy sector, Virescent Renewable Energy Trust (VRET), is banking on the fast growth of the sector in India and latest round of fundraising would boost their chances to meet their target of 2 Gw of assets by FY24.
VRET was floated by Virescent Infrastructure, which is backed by global investment firm KKR. Virescent was set up in 2020 which subsequently floated the VRET in February this year. Last week, the company raised Rs 460 crore from foreign and domestic investors in its first round of funding.
Speaking to Business Standard, Sanjay Grewal, CEO, Virescent Infrastructure said that while the current funding was in line with SEBI regulations, it was enough to support their investment strategy.
