Virescent Infrastructure has announced the acquisition of 76 MWp of Indian solar assets from Singapore’s Sindicatum Group. These solar assets are located across three Indian states and are signed with long-term power purchase agreements (PPA) with government off-takers. The announcement reflects the company’s strategy to acquire operational renewable energy assets with stable long-term cash flows with government counter parties in India.
The projects are presumed to be 20 MW plus 15 MW in Gujarat, 5.2 MW in Rajasthan, and 35.2 MW in Uttar Pradesh, all owned and operated by Sindicatum. The project in Gujarat was commissioned in 2021 through Sindicatum’s subsidiaries, PLG Photovoltaic and Sindicatum Solar Energy Gujarat. It is located in the Patan district and is signed to a 25-year PPA with the Gujarat Urja Vikas Nigam Limited.
The 5.2 MWp in Rajasthan was commissioned in 2011 and is located near Jodhpur city sells power to NTPC Vidyut Vyapar Nigam Limited. The 35.2 MW solar project in Uttar Pradesh was commissioned in 2016 and is signed to a 25-year PPA with the Uttar Pradesh Power Corporation Limited.
Virescent Renewable Energy Trust is a renewable energy platform backed by a leading global investment firm, KKR. Before the current acquisition, Virescent owned 317 MWp of solar assets located in Maharashtra and Tamil Nadu states of India.