India’s leading infrastructure developer, Shapoorji Pallonji Infrastructure Capital and global investment firm KKR today announced the signing of definitive agreements under which SP Infra will sell five operational solar energy assets to KKR for a total consideration of INR 15,540 million. The portfolio comprises 169 MW (DC) in Maharashtra and 148 MW (DC) in Tamil Nadu.
With a legacy of 154 years, the Shapoorji Pallonji Group is based in Mumbai and operates in over 70 countries with a global turnover of over USD 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.
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.”
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.”
KKR has evolved a traditional sector-based approach to Infrastructure, spanning assets such as transportation, energy, telecom, water and waste, among other segments – to further consider elements such as physical assets, proximity to the local economy, irreplaceability, sensitivities to economic cycles and governance, among other categories. KKR pairs the capabilities of its local teams in Asia Pacific with the Firm’s global industry and operational expertise to add value.
