Virescent Infrastructure to Acquire 100 MW of Solar Projects from Jakson Group

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Virescent Renewable Energy Trust (VRET), a renewable energy platform backed by the global investment firm Kohlberg Kravis Roberts & Company (KKR) in India, is in the advanced stages of discussions to acquire about 100 MW of solar projects from Jakson Group.

The portfolio comprises three operational solar power projects in Uttar Pradesh and Rajasthan. The projects have long-term power purchase agreements with NTPC Vidyut Vyapar Nigam and Uttar Pradesh Power Corporation for 25 years. Virescent completed the acquisition of one of the three projects – the 12.4 MW project at the Lalitpur district in Uttar Pradesh – earlier this month.

“Jakson is one of the most established and diversified energy players in India. This new venture is a testimony to the company’s increasing footprint and focuses on sustainable growth in the renewable energy sector, and we look forward to further expanding our relationship with them,” said Sanjay Grewal, Chief Executive Officer, Virescent Infrastructure Investment Manager.

The Jakson acquisition would take Virescent’s total operation solar capacity to 600 MW and will come closer to achieving a 1.5 GW portfolio of assets over the next two-three years. Virescent plans to expand its diversified portfolio of operational renewable energy assets by identifying investment opportunities with stable cash flows stemming from long-term contracts with state and central government-owned power utilities across India.


Jakson Group, an energy and infrastructure company, owns and operates a solar portfolio of about 200 MW. It recently announced the commissioning of a 70 MW project in the Amguri solar park in Assam.

In July, Jakson launched Jakson Green, focusing on green hydrogen, green ammonia, waste-to-energy, electrolyzers, fuel cells, and utility-scale battery energy storage systems. It will also provide solar and related operation and maintenance services.

In February, VRET signed a share purchase agreement to acquire 100% shareholding and management control in Godawari Green Energy Limited for ₹6.65 billion (~$98.11 million).

In December 2021, it acquired a 49 MW solar portfolio from five special purpose vehicles of Focal Energy for ₹3.54 billion (~$46.73 million).

In November, VRET raised ₹21.5 billion through listed non-convertible debentures and long-term debt financing. It also secured ₹10 billion (~$134.41 million) in its maiden issuance across 3, 5, and 7 year-tranches. The proceeds were expected to help refinance existing debt and fund future acquisitions.