KKR & Co. Inc., a renowned American global investment company known for managing various asset classes, has reportedly announced that it has inked a new definitive agreement with Shapoorji Pallonji Infrastructure Capital (SP Infra), a leading infrastructure developer, to procure five SP Infra solar energy assets of over 317MWp.
KKR would be taking over the five assets for a total consideration of approximately USD 204 million. The complete portfolio is comprised of assets located in Maharashtra with a capacity of approximately 169MWp and Tamil Nadu with a capacity of over 148MWp.
Boasting of a 154 year legacy, Shapoorji Pallonji Group is headquartered in Mumbai and has offices in more than 70 countries across the world with a total turnover of more than USD 5 billion. Shapoorji Pallonji Infrastructure Capital is the group’s infrastructure development arm that holds assets as well as businesses in highways, gas-based and renewable power, and port & terminals across India and overseas.
Head of APAC Infrastructure, KKR, David Luboff stated that the company is thrilled to extend its infrastructure franchise across Asia, including India under this new investment in a fully-operational, world-class solar energy projects portfolio. owing to the growing demand for sustainable energy across the APAC, the company also perceives this to be an ideal example of the way KKR can bring expertise and capital to the assets to meet the demand for infrastructure development.
Luboff further added that the company is thrilled to further explore more renewable energy investment opportunities across India and overseas.
SP Infra Managing Director, Mukundan Srinivasan stated that the deal further showcases the company’s track record of creating high quality infrastructure across its selected spaces, generating value for further expansion of its business, while being a partner-of-choice for top-quality international investors such as KKR.
India is a crucial part of KKR’s infrastructure strategy in Asia. The new acquisition deal is the company’s second investment inside the nation, coming under its dedicated infrastructure growth strategy.