Virescent Infrastructure is a renewable energy platform backed by leading global investment firm (KKR) in India. Headquartered in Mumbai, Virescent is established to acquire operating assets and leverage investment opportunities in the fast-growing renewable energy sector. The launch of Virescent comes as renewable energy is expected to become an increasingly important energy source for India.
Virescent currently owns 317MWp of solar assets located in Maharashtra and Tamil Nadu.
India has pledged to install 175GW of renewable energy capacity by 2022 and 450GW by 2030, which is the world’s largest renewable energy expansion programme, to meet its commitments related to the Paris Agreement on Climate Change. Renewable energy is estimated to comprise approximately 60% of India’s installed power capacity by 2030 from around 24% at present, according to India’s Ministry of Power and New & Renewable Energy. As per MNRE, India is now at the 5th Global Position for overall installed renewable energy capacity.
Development and financing activities for India’s infrastructure sector is poised to accelerate as the country looks to meet its growing demand for infrastructure development across the board, which is also supported by an increasingly favourable regulatory environment.
According to the latest Ministry of Finance Economic Report, India will need investments to the tune of around US$4.5 trillion through 2040 to develop infrastructure to support the economy’s growth and ensure community wellbeing. This provides a significant opportunity for experienced partners to support long-term economic expansion in the coming decades.
Virescent looks forward to playing a part in India’s infrastructure development through its initiatives that are aligned to achieve the United Nations’ seventh sustainable development goal (SDG#7) of providing access to affordable and clean energy for all by 2030. Virescent will create investment opportunities in Indian renewable assets that are based on the strong foundation of environment, social and governance (ESG) policies.