KKR snaps up Indian solar portfolio in US$200 million deal

Facebook
Twitter
LinkedIn
Reddit
Email
Image: Sanyam Bahga/Flickr.

Investor KKR has picked up a 317MW portfolio of solar assets in India from Shapoorji Pallonji Infrastructure Capital (SP Infra) in a deal valued at US$204 million.

The portfolio comprises 169MW of solar in Maharashtra and a further 148MW in Tamil Nadu, spread across five separate operational assets. No specific details of the assets in question were forthcoming.

The deal marks KKR’s second investment in India under its infrastructure strategy in Asia, targeting assets in the transportation, energy and telecom sectors, amongst others. The firm has been steadily racking up deals in the solar sector, having invested in NextEra’s US-based portfolio last year after acquiring a major stake in Spain’s Acciona in 2014.

Sanjay Nayar, chief executive at KKR India, said that the firm believed now was an attractive time to invest in India’s solar market given the country’s ambitious targets in the area.

India maintains a much-vaunted target of attaining 175GW of renewable energy capacity by 2022, a goal set in place by PM Narendra Modi and one most industry representatives consider highly unlikely to be achieved.

SP Infra, the infrastructure capital arm of Indian conglomerate Shapoorji Pallonji, has been a mainstay of India’s large-scale solar sector and a frequent competitor in the country’s famously competitive solar tenders.

Its sale of assets to KKR follows last year’s deal with Actis, which saw SP Infra sell a further 194MW of solar in the country.

15 September 2022
Bifacial PV modules will be the dominant solar PV technology globally within one or two years; in the utility-scale sector, their market share is already above 70%. This webinar will provide a clear view on the successful implementation of bifacial technology, maximizing system performance and minimising LCoE.
4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

August 12, 2022
REC Solar and its parent company, Reliance Industries, have ramped up recruitment of staff for its India solar manufacturing plant.
August 12, 2022
Yingkou Jinchen Machinery has an agreement with Indian module maker Waaree to supply it with a 2.5GW high-efficiency module production line
August 11, 2022
The financial adversity of India’s struggling distribution companies (Discoms) has been reflected in a significant downgrading in the latest rankings by the Ministry of Power, giving yet more concern for renewable energy players
August 11, 2022
Finlay Colville, Solar Media's head of market research, lays out the UK's path to achieving 40GW+ of solar PV by 2030 after rebounding from recent headwinds in its solar sector
August 10, 2022
OMERS Private Equity has acquired a minority stake in the Arizona-headquartered solar operations & maintenance (O&M) provider NovaSource Power Services.
August 9, 2022
The passing of the Inflation Reduction Act (IRA) could bolster opportunities for Clearway Energies, according to Roth Capital Partners.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
London
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event