India: Virescent Renewable Energy Trust raises $286.6m in debt

Renewable energy/Illustration/ Internet Archive

Virescent Renewable Energy Trust (VRET), India’s first renewable energy infrastructure investment trust (InvIT) set up by KKR-backed Virescent Infrastructure, has raised 2,150 crore through long-term debt financing instruments.

“VRET raised 1,000 crore in its debut issuance across three-, five- and seven-year tranches. This transaction marks the first-ever issuance by a renewable energy InvIT in India, thereby establishing a new yield curve. The company will primarily use the proceeds to refinance existing debt at the SPV (special purpose vehicle) level as well as to fund future acquisitions,” VRET said.

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