Global investment firm KKR today announced the launch of Virescent Infrastructure, a newly created platform to acquire renewable energy assets in India.
Virescent currently owns 317 mw of solar assets located in Maharashtra and Tamil Nadu.
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 317 mw 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, a company release said.
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 450 GW 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.
KKR has been investing in India since 2006. 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.
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.
(Featured photograph for illustration only)