Global investment firm KKR and leading infrastructure developer Shapoorji Pallonji Infrastructure Capital announced the signing of agreements under which KKR will acquire five solar energy assets from SP Infra for total consideration of Rs 15.54 billion (approximately $204 million). The portfolio comprises of assets with a capacity of 169 MWp in Maharashtra and assets with a capacity of 148 MWp in Tamil Nadu. Shapoorji Pallonji Group, based in Mumbai, operates in over 70 countries with a global turnover of over US$5 billion. SP Infra is the infrastructure development arm with assets and businesses in the renewable and gas-based power, highways, port and terminals in India and overseas. [caption id=“attachment_5730751” align=“alignleft” width=“380”]  Representational image. Wikimedia Commons[/caption] David Luboff, Head, 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.”’ Click here to follow LIVE news and updates on stock markets 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.” Mukundan Srinivasan, Managing Director of SP Infra, said, “This deal further demonstrates SP Infra’s continued track record of developing high-quality infrastructure assets in its chosen spaces, creating value for further growth in its businesses, and be the partner of choice for high-quality international investors like KKR.” Click here to follow LIVE updates on coronavirus outbreak India is a key part of KKR’s Asia Infrastructure strategy, and this announced transaction is the firm’s second investment in the country as part of its dedicated Infrastructure strategy. The transactions is subject to customary approvals, according to a press release. KKR makes its investment through its infrastructure fund.
Shapoorji Pallonji Group, based in Mumbai, operates in over 70 countries with a global turnover of over US$5 billion. SP Infra is the infrastructure development arm with assets and businesses in the renewable and gas-based power, highways, port and terminals in India and overseas.
Advertisement
End of Article