Virescent Renewable Energy Trust raises Rs 2,150 cr; names Akshay Jaitly as independent director
KKR-backed Virescent Renewable Energy Trust has raised funds to the tune of Rs 2,150 crore through various financing instruments. Virescent Renewable Energy Trust (VRET) has raised Rs 1,000 crore in its debut issuance across 3, 5 and 7 year tranches, a company release said, adding that this transaction marks the first ever issuance by a Renewable Energy InvIT in India.
The company will primarily use the proceeds to refinance existing debt at the special purpose vehicle (SPV) level as well as fund future acquisitions.
VRET has also tied up an additional Rs 1,000 crore of long-term financing from L&T Finance. This ensures complete debt tie-up for VRETs immediate near-term acquisition pipeline, the company said.
