KKR and Shapoorji Pallonji Infrastructure (SP Infra) signed a definitive agreement under which KKR will acquire a total of approximately $204 million in solar energy assets from SP Infra.
The portfolio includes assets in Maharashtra with a capacity of 169MW and assets in Tamil Nadu, with a capacity of 148 MW.
“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.”David Luboff, head of Asia Pacific infrastructure at KKR.
“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.”Sanjay Nayar, CEO KKR India.
“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.”Mukundan Srinivasan, managing director SP Infra.
Further details regarding the investment were not disclosed.