SP Infra sells five solar assets for $204 million to KKR

U.S. solar

Shapoorji Pallonji Infrastructure Capital (SP Infra) announced a deal with investment firm KKR to sell five solar assets with a total capacity of 317 megawatts for $204 million or Rs 1,554 crore.

The solar asset comprises 169 megawatts (MW) in Maharashtra and 148 MW in Tamil Nadu.

Mukundan Srinivasan, managing director of SP Infra, said: “This deal 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.”

David Luboff, head of Asia Pacific Infrastructure at KKR, said the fund is looking to explore even more renewable energy opportunities in India and overseas.

Sanjay Nayar, CEO of KKR India, said this is an attractive time to invest in this portfolio and provide even greater solar energy solutions to communities across India.

Edelweiss Financial Services acted as the exclusive financial advisor to SP Infra for the deal.

Khaitan & Co. and PwC acted as SP Infra’s legal and tax advisors. AZB & Partners and Simpson Thacher acted as KKR’s legal advisors and EY acted as their M&A advisor.