KKR’s Renewable Platform Virescent Acquires 76 MW of Solar Projects from Sindicatum

Virescent Renewable Energy Trust, a platform created by global investment company KKR to acquire renewable energy assets in India, announced that it had acquired 76 MW of solar projects from Singapore-based Sindicatum Renewable Energy.

The acquisition is in line with Virescent’s strategy to acquire operational renewable energy assets with stable long-term cash flows with government offtakers across India.

Backed by KKR, Virescent will acquire Sindicatum’s assets spread across Gujarat, Rajasthan, and Uttar Pradesh. In Gujarat, Sindicatum operates two solar projects.

In February this year, Virescent received ‘AAA/Stable’ provisional rating for its bank loan facilities from CRISIL, an S&P company.


Of the projects acquired, one is a 15 MW solar project located within the Charanka Solar Park in Patan. The unit was fully commissioned in 2012 and is located on approximately 36 hectares of land. The electricity generated is sold to Gujarat Urja Vikas Nigam (GUVNL).

Sindicatum, through a wholly-owned subsidiary, PLG Photovoltaic, also owns a 20 MW solar project in Gujarat’s Patan district. The plant was commissioned in 2012 under the Gujarat State Solar Development Program. PLG Photovoltaic has a 25-year power purchase agreement (PPA) with the state electricity distribution company, GUVNL.

Sindicatum Solar Energy Rajasthan is located near Jodhpur city in Rajasthan. The 5.2 MW solar project was commissioned in 2011 and is operating successfully. The electricity generated from the project is being sold under a long-term PPA with NTPC Vidyut Vyapar Nigam.

Meanwhile, Universal Saur Urja Private Limited (USUPL), a wholly-owned subsidiary of Sindicatum, is a 35.2 MW operating solar project located in the Mahoba district in Uttar Pradesh. The plant was developed under Uttar Pradesh State Solar Policy 2013 and started operations in September 2016. The plant has a 25-year PPA with the state government utility, Uttar Pradesh Power Corporation.

These assets have a mix of central and state government offtakers.

Despite disruptions caused due to the COVID-19 pandemic, solar project acquisition activity is booming across the globe since the second half of 2020. Solar projects continue to be highly sought-after assets.

According to Mercom Capital Group’s Q1 2021 Solar Funding and M&A Report, there were 82 large-scale solar project acquisitions in Q1 2021 totaling 14.6 GW, compared to 83 transactions for 15.2 GW in Q4 2020. Project developers and independent power producers were the most active acquirers in Q1 2021 followed by investment firms and funds.

At the virtual conference Mercom India Solar Summit panelists in one of the sessions titled “Project M&A – Quality Solar Assets Are in High Demand,” asserted that the quality of solar assets is of utmost importance for investors and acquirers.