KKR to buy solar energy assets from Shapoorji Pallonji Infra for $204 million
By MYBRANDBOOK
KKR, the private equity giant has given a nod to acquire five solar energy assets of Shapoorji Pallonji Infrastructure Capital (SP Infra) for a sum of $204 million (Rs 1,554 crore).
The assets include a capacity of 169 megawatt peak (MWp) in Maharashtra and 148 MWp in Tamil Nadu, KKR said in a statement. The investment was made through its infrastructure fund.
The deal will help it bring capital and expertise to meet the demand for infrastructure development in the sustainable energy segment, it added.
EY is the mergers and acquisitions advisor to KKR, while AZB & Partners and Simpson Thacher & Bartlett acted as the legal advisors to the PE firm on the deal. Edelweiss, Khaitan & Co. and PricewaterhouseCoopers acted as the M&A, legal and tax advisors to SP Infra.
SP Infra is the infrastructure development arm of Mumbai-based Shapoorji Pallonji Group. The company has assets and business ventures in the renewable and gas-based power spaces and highways, ports and terminals in India and abroad.
“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,” Sanjay Nayar, CEO at KKR India, said.
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