Global investor KKR has set up a new platform called Virescent Infrastructure to acquire renewable energy assets in India.
Virescent is headquartered in Mumbai and aims to expand its diversified portfolio of operational clean power projects, facilitated by investments predominantly made through KKR’s infrastructure fund.
“Virescent looks to identify investment opportunities that have stable cash flows stemming from long-term contracts with state and central government counterparties across India,” KKR said.
Virescent currently owns 317MW 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.
Once closed, these projects will also become part of the Virescent platform, it said.
KKR Infrastructure managing director Hardik Shah said: “The launch of Virescent is a meaningful milestone for KKR’s Asia Pacific infrastructure strategy amid India’s ambitions to install 175GW of renewable energy capacity by 2022 and 450GW by 2030.
“We look forward to playing a part in meeting these goals and supporting the government’s green energy corridor initiative through our investment in Virescent.”
Virescent is led by chief executive Sanjay Grewal, who has more than 30 years of experience in the Indian and global infrastructure sector.
He will be responsible for identifying, planning, and executing investment opportunities for Virescent.
Grewal said: “Positive government initiatives have created a number of long-term investment opportunities in India’s rapidly transforming renewable energy sector.
“We are thrilled that Virescent will seek to invest in many of these great opportunities, in addition to achieving stable returns by acquiring high-quality, low-risk, and income-yielding assets with stable and long-term cashflows.
“I am truly excited to be part of this dynamic industry and for the chance to enhance KKR’s infrastructure strategy by building Virescent’s renewables portfolio.”