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Trust Profile

Virescent Renewable Energy Trust (the ‘Trust’) is an infrastructure investment trust (InvIT) established as a trust under the Indian Trusts Act, 1882 with the objective of undertaking investment activities as an InvIT in accordance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. The Trust is registered as an InvIT with registration number IN/InvIT/20-21/0018. The Trust has filed its Draft Placement Memorandum with Securities and Exchange Board of India (“the SEBI”) and upon receipt of all relevant approvals, the Trust will acquire the projects described in the Projects tab.

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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. As per Ministry of New and Renewable Energy (MNRE), India is now at the 4th 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 $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.

Sponsor

Terra Asia Holdings II Pte. Limited (“Terra II”) is the sponsor to the Trust and is an affiliate of the funds, vehicles and/or entities managed and/or advised by affiliates of KKR. Founded in 1976, KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions with approximately $367 billion of assets under management as of March 31, 2021. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. In 2008, KKR established a dedicated infrastructure team and strategy focused on global investment opportunities. KKR has been one of the more active infrastructure investors globally over the past several years, having deployed more than $28 billion across over 45 infrastructure assets. Currently, KKR’s infrastructure platform has expanded to include approximately 55 dedicated investment professionals across 10 offices covering a broad spectrum of investment opportunities in various infrastructure subsectors, including: midstream energy, renewables, power & utilities, water and wastewater, waste, telecommunications and transportation, among others. KKR continually monitors infrastructure sectors and infrastructure-related investments for emerging trends and may identify and prioritize investments in other sectors as conditions change or cycles evolve. KKR has invested or committed $5.7 billion of equity in private equity deals in India since 2010 with 19 investments made and 11 active portfolio companies currently. KKR’s Asia Pacific infrastructure portfolio includes India Grid Trust, TSK Corporation, Eco Solutions Group, First Gen, and Pinnacle Towers.

Investment Manager

Virescent Infrastructure Investment Manager Private Limited is a private limited company incorporated under the provisions of Companies Act, 2013, bearing Corporate Identification Number U74999MH2020PTC344288 and will act as the investment manager of Virescent Renewable Energy Trust. The Board of Directors of the Company comprise of Mr. Pradeep Kumar Panja, Mr. Vinay Kumar Pabba, Mr. Hardik Shah and Mr. Sanjay Grewal. Currently Virescent Infrastructure manages the operations of the portfolio of renewable assets owned by Terra Asia Holdings II Pte Ltd in India.

Project Manager

Virescent Renewable Energy Project Manager Private Limited was incorporated as a private limited company on November 27, 2020 under the provisions of the Companies Act, 2013 with the corporate identification number U74999MH2020PTC350874 and will act as the project manager to the InvIT.

Trustee

Axis Trustee Services Limited is the Trustee of the Virescent Renewable Energy Trust. The Trustee is a registered intermediary with SEBI under the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, as a debenture trustee since January 31, 2014, having registration number IND000000494.