KKR Launches Renewable Energy Platform Virescent Infrastructure in India

Nachrichtenquelle: Business Wire (engl.)
30.10.2020, 03:30  |  117   |   |   

Global investment firm KKR today announced the launch of Virescent Infrastructure (“Virescent” or the “Company”), a newly created platform to acquire renewable energy assets in India.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201029006392/en/

Headquartered in Mumbai, Virescent aims to expand its diversified portfolio of operational renewable energy assets, 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.

Virescent currently owns 317MWp 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.

Virescent’s launch comes as renewables are expected to become an increasingly important energy source for citizens across India. Renewable energy is estimated to comprise approximately 60% of India’s installed power capacity by 2030, from around 24% at present, according to India’s Ministry of Power and New & Renewable Energy.

Hardik Shah, a Managing Director on KKR’s Infrastructure team, 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 CEO Sanjay Grewal, who brings to the Company 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.

Mr. 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.”

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KKR Launches Renewable Energy Platform Virescent Infrastructure in India Global investment firm KKR today announced the launch of Virescent Infrastructure (“Virescent” or the “Company”), a newly created platform to acquire renewable energy assets in India. This press release features multimedia. View the full release …

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