KKR-backed Renewables Platform Buys Solar Portfolio

Virescent Infrastructure, a renewable energy platform backed by global asset manager KKR & Co, has acquired the 76 megawatt (MW) India solar asset portfolio of Singapore-based Sindicatum Renewable Energy Company Pvt Ltd.  Last month that KKR was looking to buy the assets spread across Gujarat, Rajasthan and Madhya Pradesh. “These assets have a mix of central government and Tier-I state government off-takers. The acquisition is in line with Virescent’s strategy to acquire operational renewable energy assets that have stable long-term cashflows with government counterparties across India,” Mumbai-based Virescent said. The Singaporean company develops, owns and operates power generation facilities in South and Southeast Asia, and sells electricity to utilities and commercial customers.  The firm, as per its site, has four solar energy assets in India spread across Gujarat (two assets), Rajasthan (one asset) and Madhya Pradesh (one asset). The Singaporean company has made several acquisitions in the country in the past. In 2019, it bought solar energy assets of Delhi-based Sukhbir Agro Energy Ltd having a total capacity of 50-60 MW. In October 2018, it bought a 20 MW solar project of Zamil Infra Pvt Ltd. In 2015, Sindicatum acquired a 20 MW co-generation power plant in Maharashtra from Chennai-based Orient Green Power Company Ltd, a listed firm of the Shriram Group. In 2012, Sindicatum acquired a 49% stake in a joint venture that housed co-generation power assets of Delhi-based sugar refinery Simbhaoli Sugars Ltd.  Virescent was launched in October last year. It owns 317 megawatt peak (MWp) of solar assets located in Maharashtra and Tamil Nadu. Today, KKR’s global infrastructure portfolio spans sectors such as energy, transportation, telecom, oil and gas, and water. Renewable energy forms a key part of KKR’s infrastructure strategy, with the PE firm having invested in renewable energy businesses with more than 10,000 MW of total operational capacity.