The board of directors of the India Grid Trust (IndiGrid), along with its investment manager and project manager, has approved the acquisition of 100 per cent units of the Virescent Renewable Energy Trust (VRET) at an enterprise valuation of Rs 40 billion. IndiGrid’s acquisition is subject to closing adjustments. The transaction followed a competitive bidding process and is subject to requisite regulatory and unitholder approvals. The acquisition will be funded through a combination of internal accruals, debt and additional capital raising efforts. Notably, VRET is India’s first and only renewable energy infrastructure investment trust (InvIT), encompassing a portfolio of 16 operational solar projects through 14 special purpose vehicles across seven states, with a cumulative capacity of 538 MWp.