Virescent Renewable Energy Trust Fund : Acquisition

VIRESCENT INFRASTRUCTURE INVESTMENT MANAGER PRIVATE LIMITED

Company Identity Number - U74999MH2020PTC344288

Email: [e-mail]

Registered Office: 10th Floor, Parinee Crescenzo, C- 30, G Block, Bandra Kurla Complex, Bandra

(East) Mumbai 400051 Maharashtra, India

October 19, 2022

National Stock Exchange of India Limited	BSE Limited
Exchange Plaza, C-1,Block-G Bandra Kurla	Phiroze Jeejeebhoy Towers
Complex, Bandra (E), Mumbai-400051	Dalal Street,
Symbol- VIRESCENT	Mumbai - 400 001
	Security Code- 973576, 973577, 973578,
	973769, 973770, 974105, 974225, 974226

Subject: Acquisition of operating solar project owned by Jakson Power Private Limited via slump sale

Dear Sir/ Madam,

Pursuant to Regulation 23(6)(a) of SEBI (Infrastructure Investment Trusts) Regulations, 2014 and other applicable laws and regulations, this is to inform you that Universal Saur Urja Private Limited ("USUPL"), 100% subsidiary of Virescent Renewable Energy Trust("VRET") is acquiring 20.0 MW AC / 25.9 MW DC operational solar project in Jodhpur district of Rajasthan currently owned by Jakson Power Private Limited ("JPPL") pursuant to a binding Business Transfer Agreement ("BTA").

The disclosure of the investment is enclosed hereto as Annexure A. You are requested to take the same on record.

Thanking you,

For Virescent Infrastructure Investment Manager Private Limited

Sanjay Grewal

Whole-time Director and CEO

CC:

Axis Trustee Services Limited ("Trustee of the	Catalyst Trusteeship Limited ("Debenture
InvIT")	Trustee")
Axis House, Bombay Dyeing Mills Compound,	Windsor, 6th floor, Office No.604, C.S.T Road,
Pandurang Budhkar Marg, Worli,	Kalina, Santacruz (East), Mumbai - 400098
Mumbai - 400 025, Maharashtra, India

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VIRESCENT INFRASTRUCTURE INVESTMENT MANAGER PRIVATE LIMITED

Company Identity Number - U74999MH2020PTC344288

Email: [e-mail]

Registered Office: 10th Floor, Parinee Crescenzo, C- 30, G Block, Bandra Kurla Complex, Bandra

(East) Mumbai 400051 Maharashtra, India

Annexure-A

Details of Asset proposed to be acquired

Sr. No.	Particulars		Details
1.	Brief details of the projects such as	Project: 20.0 MW AC / 25.9 MW DC operational solar
	size, turnover etc.		project in Jodhpur district of Rajasthan, currently owned
				by Jakson Power Private Limited
				During FY 2021-22, the project had a total revenue of
				INR 23.6 Crores
2.	Whether the acquisition would fall	The Transaction would not fall under Related Party
	within related party transaction(s)	Transaction
	and whether	the	promoter/
	promoter group/ group companies
	have any interest in the project
	being acquired?	If yes,	nature of

interest and details thereof and whether thesame is done at "arm's length"

1. Industry to which the project being acquired belongs
2. Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target project, if its business is outside the main line of business of the listed entity).

Solar Energy Generation

The acquisition of aforesaid solar project is in line with the VRET investment strategy as provided in the Trust Deed with a focus to ensure stable distribution to unitholders by owning assets with long term contracts

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VIRESCENT INFRASTRUCTURE INVESTMENT MANAGER PRIVATE LIMITED

Company Identity Number - U74999MH2020PTC344288

Email: [e-mail]

Registered Office: 10th Floor, Parinee Crescenzo, C- 30, G Block, Bandra Kurla Complex, Bandra

(East) Mumbai 400051 Maharashtra, India

Sr. No.	Particulars	Details
5.	Brief details of any governmental	The required governmental and regulatory approvals
	or regulatory approvals required	have been obtained.
	for the acquisition.
6.	Indicative time period for	The completion of acquisition would depend upon
	completion of the acquisition	completion of contractual obligations.
7.	Nature of consideration -	Cash consideration
	whether cash consideration or
	share swap and details of the
	same;
8.	Cost of acquisition or the price at	Enterprise Value of approximately INR 128.0 crores
	which the shares are acquired;

9. Percentage of shareholding / control acquired and / or number of shares acquired;

Not applicable since the project is being acquired through slump sale by USUPL, 100% Subsidiary of VRET

10. Brief background about the project acquired in terms of products/ line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired project has presence and any other significant information (in brief);

JPPL operates 20.0 MW AC / 25.9 MW DC solar power plant in Jodhpur district of Rajasthan. JPPL entered into PPA with NTPC Vidyut Vyapar Nigam Limited on January 25, 2012, for tenor of 25 years. The project was commissioned in February 2013. Total revenue of the project for the last three years was as follows:

FY 2019-20

FY 2020-21

FY 2021-22

INR 26.7 Crore

INR 26.1 Crore

INR 23.6 Crore

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