Shapoorji Pallonji Infra sells solar portfolio
Published by Sarah Smith,
Assistant Editor
Energy Global,
Indian infrastructure developer, Shapoorji Pallonji Infrastructure Capital (SP Infra) and investment firm KKR have announced the signing of definitive agreements under which SP Infra will sell five operational solar energy assets to KKR for a total consideration of INR 15 540 million (approximately US$204 million). The portfolio comprises 169 MW (DC) in Maharashtra and 148 MW (DC) in Tamil Nadu.
With a legacy of 154 years, the Shapoorji Pallonji Group is based in Mumbai and operates in over 70 countries with a global turnover of over US$5 billion. SP Infra is the infrastructure development arm with assets and businesses in the renewable and gas-based power, highways, port and terminals in India and overseas.
KKR takes a flexible approach to Infrastructure investment in Asia Pacific. The Firm has evolved a traditional sector-based approach to Infrastructure – spanning assets such as transportation, energy, telecom, water and waste, among other segments – to further consider elements such as physical assets, proximity to the local economy, irreplaceability, sensitivities to economic cycles and governance, among other categories. KKR pairs the capabilities of its local teams in Asia Pacific with the Firm's global industry and operational expertise to add value.
India is a key part of KKR’s Asia Infrastructure strategy, and this announced transaction is the Firm’s second investment in the country as part of its dedicated Infrastructure strategy.
Further details of the investment have not been disclosed. The transaction is subject to customary approvals. KKR makes its investment through its infrastructure fund.
Edelweiss Financial Services acted as the exclusive financial advisor to SP Infra.
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.
Read the article online at: https://www.energyglobal.com/solar/27042020/shapoorji-pallonji-infra-sells-solar-portfolio/
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