Virescent Renewable Energy Trust appoints Akshay Jaitly as Independent Director
- November 15, 2021
Virescent Renewable Energy Trust (VRET) has expanded its Board and has appointed Akshay Jaitly as an Independent Director.
In a statement, VRET said that Akshay Jaitly is the President of 262 Advisors, based in Paris. He advises Indian, French and other international businesses with an interest in India on cross-border strategy and risk management. He is also involved with research initiatives on policy reform in the Indian power and infrastructure sectors.
Jaitly previously worked as a transactional lawyer for over 25 years, in the UK, Japan and India. In 2000, he co-founded Trilegal and was the head of their energy and infrastructure practice. He remains senior advisor to Trilegal and is a member of their Board.
VERT’s other independent directors include Pradeep Kumar Panja, CMD, Karnataka Bank and Member – Bank Board Bureau, and Vinay Kumar Pabba, former CEO of Brookfield Renewables and Ex-COO of Greenko.
India’s first RE-InvIT
VRET was set up as a private listed infrastructure investment trust (InvIT) in September 2021. It raised $62 million (around Rs.460 crore) of equity from a group of foreign and domestic investors, led by Alberta Investment Management Corporation (AIMCO). VRET is India’s first renewable energy infrastructure investment trust (RE-InvIT)
VRET has since raised Rs.1,000 crore in its debut issuance across 3, 5 and 7 year tranches. These proceeds will be used to refinance existing debt at the SPV level as well as fund future acquisitions. Further, VRET has availed working capital facility of Rs.150 crore from Tata Capital to enhance its liquidity position and meet its credit rating requirements
Also read: KKR-Backed Renewable Energy InvIT Gets “Stable” Rating
VRET’s current portfolio includes nine operational solar power projects – spread over Maharashtra, Tamil Nadu, Uttar Pradesh, Gujarat and Rajasthan – aggregating around 395 MWp. Another 55 MWp of solar assets are in the acquisition pipeline.
