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Virescent is derived from a Latin verb “Virescere’’, meaning ‘to become green’

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Virescent Renewable Energy Trust's objective is to make responsible investments in renewable and sustainable energy resources

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About Us

Virescent Renewable Energy Trust 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.


Our portfolio includes the 317 MWp of solar assets located in Maharashtra and Tamil Nadu.

Muktainagar & Parli, Maharashtra

Asset 1

169 MWp

Asset 2

Operational since April 2018

Dindigul, Thoothukudi and Virudhunagar,
Tamil Nadu

Asset 1

28 MWp

Asset 2

Operational since December 2015

Kovilpatti, Virudhunagar,
Tamil Nadu

Asset 1

30 MWp

Asset 2

Operational since March 2016

Tamil Nadu

Asset 1

36 MWp

Asset 2

Operational since March 2016

Tamil Nadu

Asset 1

54 MWp

Asset 2

Operational since September 2018


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KKR is a leading global investment firm that manages multiple alternative asset classes with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR has been investing in India since 2006, having extensively engaged in the operations and strategies of its portfolio companies across infrastructure, private equity and credit, to corporations and real estate businesses in India. KKR aims to be a patient capital provider to help bring flexible financial solutions to meet the needs of India’s private and public sectors.

Board of Directors

Pradeep Kumar

Pradeep Kumar Panja

Independent Director

Pradeep Kumar Panja is the former Managing Director and Head of Corporate Banking of State Bank of India (SBI). He spent 39 years at SBI, during which he held various senior positions,aand also had Board representations on several committees. After retirement, he joined the Boards of several reputed companies as an independent director. He is currently a member of the Banks Board Bureau, an advisory body to the government for improving in public sector banks.

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P. Vinay Kumar

Independent Director

P. Vinay Kumar is the founder of VARP Power and an industry veteran with rich experience of working at large power EPC companies and executing large-format T&D projects in India and-Africa. Before his entrepreneurial venture, he was the CEO & MD of Brookfield Asset Management, India Renewables, responsible for clean energy asset acquisitions for portfolio growth. He was also the COO of Greenko Group and credited with building the world’s largest solar plant in India.

Mr. Hardik Shah

Hardik Shah

Non-Executive Director

Hardik Shah is the Managing Director at KKR & Co. Inc. As a member of KKR’s Asia-Pacific infrastructure team, he is responsible for its infrastructure investments in India. During his career spanning 15 years, he has led ~USD4bn of transactions in India across various infrastructure sectors such as Telecom Towers, Toll Roads, Airports, Energy Transportation, and Renewable Energy. Prior to joining KKR in 2018, he worked with the Macquarie Group and Brookfield.


Sanjay Grewal

Chief Executive Officer &
Executive Director

Sanjay Grewal is an infrastructure and real estate industry veteran with over 30 years of track-record in executing advisory and financing transactions worth over $20 billion. He has led landmark investments in diverse infrastructure sectors across India and other emerging markets in Asia. He has earlier worked with Altico, IDFC, Citi, Lehman Brothers, and International Finance Corp.

Leadership Team


Sanjay Grewal

Chief Executive Officer & Executive Director

Sanjay Grewal is an infrastructure and real estate industry veteran with over 30 years of track-record in executing advisory and financing transactions worth over $20 billion. He has led landmark investments in diverse infrastructure sectors across India and other emerging markets in Asia. He has earlier worked with Altico, IDFC, Citi, Lehman Brothers, and International Finance Corp.

parin mehta

Parin Mehta

Chief Financial Officer

Parin Mehta has 18 years of experience in Investment Banking, Corporate Finance, and Project Finance. He has a proven track record of advising, infrastructure companies for equity raising, debt financing, bid advisory, M&A, capital markets and InvITs. At Virescent, he is responsible for the entire finance function, specifically driving the M&A, corporate and project finance verticals. He has earlier worked with Edelweiss, PwC, IDFC and Standard Chartered Bank.

atul raizada

Atul Raaizada

Chief Operating Officer

Atul Raaizada comes with over 28 years of experience in projects & operations management across renewables and packaging industries in India and abroad. At Virescent, he is responsible for the overall
operations, including land acquisitions, technology, regulatory, and CMS functions. Before Virescent, he was the President – Project, Operations, Land, and New Technologies at Hero Future Energies. He has also worked with renewables leaders such as Suzlon and Greeninfra.

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Meghana Singh

General Counsel

Meghana Singh is a transactional and advisory lawyer with over 15-year professional track record. She currently helms the legal and compliance function at Virescent. She has extensive experience in private practice with large law firms in India and Singapore. She has held leadership positions in the infrastructure and financial services sector and worked closely with renowned business houses and teams to establish systems for compliance and legal risk management.

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Neeru Bafna

Chief Human Resources Officer

Neeru Bafna is an HR Leader with 16 years of global experience in heading the entire spectrum of HR functions, building start-ups, and transforming matured organisations acrossdiverse industries and geographies. At Virescent, she is responsible for the Human Resource function. She has a proven track record of accomplishing metrics-driven outcomes, championing diversity and inclusion, and also shaping a high-energy workforce to enhance profitability. She has earlier worked with Axis Bank, Eros International, Reliance Jio & TCS.

Management Team

Mr. Kushal Varshney

Kushal Varshney

Chief Technology Officer

Kushal Varshney is a technology expert with over 13 years of multi-sectoral experience in defining IT strategies and the future roadmap of diverse organisations. At Virescent, he steers IT-related operations at the organisation level, including M&A activities. Before joining Virescent, he was the CIO of CleanMax Solar. He also worked with Mahyco Seeds, Deloitte, IBM and Raymond earlier.

Mr. Ashfan Ganatra

Ashfan Ganatra

Financial Controller

Ashfan Ganatra has over 13 years of experience in financial reporting, assurance, strategic & financial planning, and investor relations. At Virescent, in addition to his role as a financial controller, he is also responsible for supporting the C-Suite and Board of Directors on enterprise-level strategic initiatives. He earlier worked for organisations such as Altico Capital and EY, where he steered various finance and strategic initiative for these firms.

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Charmy Bhoot

Company Secretary

Charmy Bhoot has over a decade’s experience in the infrastructure industry. An expert in corporate law and compliance, she leads governance, secretarial and compliance at Virescent. She specialises in corporate governance, corporate restructuring, JV, InvITs, acquisition advisory and due diligence. In her previous roles, she managed compliance for the wind portfolio of IL&FS Group and worked with Brookfield Infrastructure Group.

Himanshu Aggrawal

Himanshu Aggarwal

Head – Corporate Finance

Himanshu Aggarwal has over eight years of investment banking and corporate finance experience especially in the infrastructure sector, including renewable energy, roads, transmission, and real estate. His current role at Virescent includes steering the corporate finance vertical with a specific focus on M&A and equity fundraising for the InvIT. He has earlier worked with Edelweiss, o3 Capital, Goldman Sachs, and McKinsey & Company.

N Maharajan


Head – Project Finance

N. Maharajan has around eight years of experience in project finance, corporate finance, treasury management and debt syndication. He has a proven track record of debt financing for infrastructure projects. He currently leads the project finance vertical and debt financing at Virescent. Earlier, he also worked with JSW Group, Sterlite Power, SBI Capital Markets, and Power Finance Corporation.


Media Coverage

Virescent floats first solar InvIT, places 400 Mw assets under pvt trust
Business Standard

Big opportunity for consolidation: KKR
The Times Of India

KKR launches clean energy platform in India
Economic Times

Media Resources


Media Kit


Virescent Renewable Energy Trust
Principal place of business – 2 nd floor, Piramal Tower, Peninsula Corporate Park, Lower Parel, Mumbai – 400 013

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Compliance officer – Ms. Charmy Bhoot