KKR, via its infrastructure fund, is buying five solar energy assets in India from Shapoorji Pallonji Infrastructure Capital (SP Infra) for INR15.54bn (€188m).
The portfolio comprises assets with a capacity of 169MWp in Maharashtra and assets with a capacity of 148MWp in Tamil Nadu.
Sanjay Nayar, CEO of KKR India, said now was an “attractive time” to invest in the portfolio given that the Indian government had a target of achieving 175GW of renewable energy capacity by 2022.
David Luboff, head of Asia-Pacific Infrastructure at KKR, said demand for sustainable energy solutions was growing across Asia-Pacific.
“We see this (investment) as a great example of how KKR can bring capital and expertise to assets to help meet demand for infrastructure development,” he said.
“This is consistent with our experience in North America and Europe.”
Luboff added the firm planned to explore more renewable energy opportunities in India, a key part of KKR’s Asia infrastructure strategy. “We are keen on this segment in all our target markets in Asia-Pacific which include Korea Japan and Southeast Asia.
KKR launched its first Asia-focussed infrastructure fund, which is reported to have raised $1.5bn (€1.38bn) towards its target of $3bn, last year.
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