Shapoorji Pallonji Arm To Sell Five Solar Assets To KKR For Rs 1,554 Crore
Solar panels stand on the roof at a plant in Uttar Pradesh, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

Shapoorji Pallonji Arm To Sell Five Solar Assets To KKR For Rs 1,554 Crore

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Shapoorji Pallonji Infrastructure Capital is selling five solar power assets to KKR & Co. in a deal worth Rs 1,554 crore. The 317 MW portfolio includes a 169 MW solar power plant in Maharashtra and 148 MW in Tamil Nadu.

“SP Infra has signed definitive agreements with KKR, under which the company will sell five operational solar energy assets to KKR for a total consideration of Rs 1,554 crore ($204 million),” the infrastructure developer said in a statement on Monday. Details of the deal have not been disclosed. The transaction is subject to customary approvals.

Commenting on the deal, SP Infra’s Managing Director Mukundan Srinivasan said, “This deal further demonstrates SP Infra's continued track record of developing high-quality infrastructure assets...and to be the partner of choice for high-quality international investors like KKR.”

KKR makes its investment through its infrastructure fund.

The deal is “a great example of how KKR can bring capital and expertise to assets to help meet the demand for infrastructure development”, David Luboff, head of Asia Pacific Infrastructure at KKR, said. The private equity firm is looking to explore even more renewable energy opportunities in India and overseas, he said.

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

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

The Shapoorji Pallonji Group is based in Mumbai and operates in over 70 countries with a global turnover of over $5 billion. SP Infra is the infrastructure development arm of the group with assets and businesses in the renewable and gas-based power, highways, port and terminals in India and overseas.

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