Global investment firm KKR has floated a separate company, Virescent Infrastructure, to acquire renewable energy assets in India.
Virescent currently owns 317 MW of solar assets located in Maharashtra and Tamil Nadu.
“KKR has also entered into definitive agreements to acquire other operating solar projects across three different states,” said a statement.
Once closed, these projects will also become part of the Virescent platform.
Virescent aims to expand its diversified portfolio of operational renewable energy assets, facilitated by investments predominantly made through KKR’s infrastructure fund, KKR said.
Renewable energy is estimated to comprise approximately 60 per cent of India’s installed power capacity by 2030, from around 24 per cent at present, according to India’s Ministry of Power and New and Renewable Energy.
Renewable energy represents a key vertical within KKR’s infrastructure strategy, with it has invested in renewable energy businesses with more than 10,000 MW of total operational capacity.
KKR’s recently announced investments across asset classes include, but is not limited to, Reliance Jio, Reliance Retail, IndiGrid, JB Chemicals, Max Healthcare and Ramky Envirotech.