KKR exploring sale of 500-MWp Indian renewables platform - report

Global investment firm KKR & Co Inc (NYSE:KKR) is considering the sale of its Indian renewable energy platform Virescent and its 500 MWp of solar assets, business daily Mint reports.

The Indian firm’s portfolio is housed in Virescent Renewable Energy Trust (VRET), which is India’s first renewable energy infrastructure investment trust (InvIT). According to its website, the entity has a portfolio of 14 operational solar parks across seven Indian states. Yesterday, VRET said it closed its acquisition of a 20-MW solar park in the state of Rajasthan from Jakson Group.

KKR has engaged investment bank JPMorgan to assist it in the sale. Three unnamed sources have told the daily that teasers have already been sent out to prospective buyers, among which are pension and sovereign wealth funds.

One of the insiders has cited a potential enterprise value of the deal ranging from INR 25 billion (USD 301m/EUR 308m) to INR 30 billion.

The transaction, if completed, is set to mark KKR's first exit from its infrastructure portfolio in the Asia Pacific. In September, the private equity giant took part in a USD-450-million (EUR 460m) investment round in Hero Future Energies, the renewable energy arm of Indian industrial conglomerate Hero Group.

(INR 10 = USD 0.121/EUR 0.123)

(USD 1.0 = EUR 1.022)

Choose your newsletter by Renewables Now. Join for free!