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.
Jun 15 - Jun 16, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Mar 09 - Mar 11, 2021
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The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.