KKR to Acquire 317MWp of Solar Energy Assets from Shapoorji Pallonji Infrastructure Capital

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  • These agreements amount to Rs 15.54 billion
  • This is KKR’s second investment in India as part of its Infrastructure strategy

Investment firm KKR and Shapoorji Pallonji Infrastructure Capital have announced the signing of definitive agreements under which KKR will acquire five solar energy assets from SP Infra. These agreements amount to Rs 15.54 billion and the portfolio comprises of assets with a capacity of 169MWp in Maharashtra and assets with a capacity of 148 MWp in Tamil Nadu.

David Luboff, head of Asia Pacific Infrastructure at KKR, said, “We are truly pleased to extend our Infrastructure franchise in Asia and India through this investment in a world-class portfolio of fully operational solar energy projects. Given the growing demand across Asia Pacific for sustainable energy solutions, we also see this as a great example of how KKR can bring capital and expertise to assets to help meet the demand for infrastructure development. Looking ahead, we are excited to explore even more renewable energy opportunities in India and overseas.”

Renewable and gas-based power, highways, port and terminals

Shapoorji Pallonji Group is based in Mumbai and operates in over 70 countries with a global turnover of over $5 billion. SP Infra is its infrastructure development arm. It has assets and businesses in the renewable and gas-based power, highways, port and terminals in India and overseas.

Sanjay Nayar, CEO of KKR India, added, “SP Infra and the Shapoorji Pallonji Group are recognized in India and worldwide for the high quality of their renewable energy projects, and given the government’s ambitious target of achieving 175GW of renewable energy capacity by 2022, we believe this is an attractive time to invest in this portfolio and provide even greater solar energy solutions to communities across India.”

India is a key part of KKR’s Asia Infrastructure strategy. It is the firm’s second investment in India as part of its Infrastructure strategy. KKR said that it is taking a flexible approach to Infrastructure investment in Asia Pacific. It has developed a traditional sector-based approach to Infrastructure which spans from transportation, energy, telecom, water, and waste, among other segments.

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