KKR, via its infrastructure fund, is buying five solar energy assets in India from Shapoorji Pallonji Infrastructure Capital (SP Infra) for INR15.54bn (鈧�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 鈥渁ttractive time鈥� 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.
鈥淲e see this (investment) as a great example of how KKR can bring capital and expertise to assets to help meet demand for infrastructure development,鈥� he said.
鈥淭his is consistent with our experience in North America and Europe.鈥�
Luboff added the firm planned to explore more renewable energy opportunities in India, a key part of KKR鈥檚 Asia infrastructure strategy. 鈥淲e 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 (鈧�1.38bn) towards its target of $3bn, last year.
