Gulf Oil and Gas accountACCOUNT

KKR Launches Renewable Energy Platform Virescent Infrastructure

Source: 10/29/2020, Location: Asia

KKR announced the launch of Virescent Infrastructure, a newly created platform to acquire renewable energy assets in India.

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.”

KKR takes a flexible approach to infrastructure investment in Asia Pacific, and combines the capabilities of its local teams in Asia Pacific with the Firm’s global industry and operational expertise to add value to companies. Today, KKR’s global infrastructure portfolio spans sectors such as energy, transportation, telecom, oil and gas, and water. Renewable energy represents a key vertical within KKR’s infrastructure strategy, having invested in renewable energy businesses with more than 10,000 MW of total operational capacity.

Virescent additionally deepens KKR’s presence in the Indian market. KKR has been investing in India since 2006, and has since honed its strategy to combine KKR’s global network with the local team’s market knowledge and investment expertise. Today, KKR aims to be a patient capital provider able to help bring flexible financial solutions to meet the needs of India’s private and public sectors. The Firm is extensively engaged in the operations and strategies of its portfolio companies across asset classes, including infrastructure, private equity and credit, to corporations and real estate businesses. KKR’s recently announced investments across asset classes includes, but is not limited to, Reliance Jio, Reliance Retail, IndiGrid, JB Chemicals, Max Healthcare and Ramky Envirotech.

Photovoltaic Solar Energy News in India >>

Colombia >>  3/1/2021 - MPC Energy Solutions NV has seen a strong start to its operations since its recent IPO. On 11 January 2021, it was announced that MPC Energy Solutions...
United States >>  2/24/2021 - 2020 and Recent Highlights
- Added approximately 29,000 customers in 2020, bringing total customer count to 107,500 as of December 31, 2020;

South Africa >>  2/22/2021 - Renewable energy development company Magnora ASA has entered into agreements to acquire 100 percent of the shares in a South African company with a 77...
Pakistan >>  2/19/2021 - Scatec and its local partner Nizam Energy have closed financing for the 150 MW Sukkur solar power project with a total investment of about USD 100 mil...

United States >>  2/19/2021 - JinkoSolar Holding Co., Ltd., one of the largest and most innovative solar module manufacturers in the world, announced that the Company intends to si...
Brazil >>  2/18/2021 - Enel invested around 422 million Brazilian reais, equivalent to approx. 100 million euros, in the construction of the second section of its Sao Gonçal...

India Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.