Shapoorji Pallonji Infra to sell 317 MWp of operational solar assets to KKR
Real Estate

Shapoorji Pallonji Infra to sell 317 MWp of operational solar assets to KKR

India’s leading infrastructure developer, Shapoorji Pallonji Infrastructure Capital (SP Infra) and global investment firm KKR have announced the signing of definitive agreements, under which, SP Infra will sell five operational solar energy assets to KKR for a total consideration of Rs 15,540 million (~US$ 204 million). The portfolio comprises 169 MW (DC) in Maharashtra and 148 MW (DC) in Tamil Nadu.

With a legacy of 154 years, the Shapoorji Pallonji Group is based in Mumbai and operates in over 70 countries with a global turnover of over US$ 5 billion. SP Infra is the infrastructure development arm with assets and businesses in the renewable and gas-based power, highways, port and terminals in India and overseas.

Mukundan Srinivasan, Managing Director, SP Infra, said “This deal further demonstrates SP Infra’s continued track record of developing high-quality infrastructure assets in its chosen spaces, creating value for further growth in its businesses, and be the partner of choice for high-quality international investors like KKR.”

David Luboff, Head of Asia Pacific Infrastructure, KKR, said, “We are truly pleased to extend our Infrastructure franchise in Asia and India through this investment in a world-class portfolio of fully operational solar energy projects. Given the growing demand across Asia Pacific for sustainable energy solutions, we also see this as a great example of how KKR can bring capital and expertise to assets to help meet the demand for infrastructure development.Looking ahead, we are excited to explore even more renewable energy opportunities in India and overseas.”

Sanjay Nayar, CEO, KKR India, added, “SP Infra and the Shapoorji Pallonji Group are recognised in India and worldwide for the high quality of their renewable energy projects, and given the government’s ambitious target of achieving 175 GW of renewable energy capacity by 2022, we believe this is an attractive time to invest in this portfolio and provide even greater solar energy solutions to communities across India.”

KKR takes a flexible approach to Infrastructure investment in Asia Pacific. The firm has evolved a traditional sector-based approach to infrastructure – spanning assets such as transportation, energy, telecom, water and waste, among other segments – to further consider elements such as physical assets, proximity to the local economy, irreplaceability, sensitivities to economic cycles and governance, among other categories. KKR pairs the capabilities of its local teams in Asia Pacific with the Firm's global industry and operational expertise to add value.

India is a key part of KKR’s Asia infrastructure strategy, and this announced transaction is the Firm’s second investment in the country as part of its dedicated infrastructure strategy.

Further details of the investment have not been disclosed. The transaction is subject to customary approvals. KKR makes its investment through its infrastructure fund.

Edelweiss Financial Services acted as the exclusive financial advisor to SP Infra. Khaitan & Co. and PwC acted as SP Infra’s legal and tax advisors. AZB & Partners and Simpson Thacher acted as KKR’s legal advisors and EY acted as their M&A advisor.

India’s leading infrastructure developer, Shapoorji Pallonji Infrastructure Capital (SP Infra) and global investment firm KKR have announced the signing of definitive agreements, under which, SP Infra will sell five operational solar energy assets to KKR for a total consideration of Rs 15,540 million (~US$ 204 million). The portfolio comprises 169 MW (DC) in Maharashtra and 148 MW (DC) in Tamil Nadu. With a legacy of 154 years, the Shapoorji Pallonji Group is based in Mumbai and operates in over 70 countries with a global turnover of over US$ 5 billion. SP Infra is the infrastructure development arm with assets and businesses in the renewable and gas-based power, highways, port and terminals in India and overseas. Mukundan Srinivasan, Managing Director, SP Infra, said “This deal further demonstrates SP Infra’s continued track record of developing high-quality infrastructure assets in its chosen spaces, creating value for further growth in its businesses, and be the partner of choice for high-quality international investors like KKR.” David Luboff, Head of Asia Pacific Infrastructure, KKR, said, “We are truly pleased to extend our Infrastructure franchise in Asia and India through this investment in a world-class portfolio of fully operational solar energy projects. Given the growing demand across Asia Pacific for sustainable energy solutions, we also see this as a great example of how KKR can bring capital and expertise to assets to help meet the demand for infrastructure development.Looking ahead, we are excited to explore even more renewable energy opportunities in India and overseas.” Sanjay Nayar, CEO, KKR India, added, “SP Infra and the Shapoorji Pallonji Group are recognised in India and worldwide for the high quality of their renewable energy projects, and given the government’s ambitious target of achieving 175 GW of renewable energy capacity by 2022, we believe this is an attractive time to invest in this portfolio and provide even greater solar energy solutions to communities across India.” KKR takes a flexible approach to Infrastructure investment in Asia Pacific. The firm has evolved a traditional sector-based approach to infrastructure – spanning assets such as transportation, energy, telecom, water and waste, among other segments – to further consider elements such as physical assets, proximity to the local economy, irreplaceability, sensitivities to economic cycles and governance, among other categories. KKR pairs the capabilities of its local teams in Asia Pacific with the Firm's global industry and operational expertise to add value. India is a key part of KKR’s Asia infrastructure strategy, and this announced transaction is the Firm’s second investment in the country as part of its dedicated infrastructure strategy. Further details of the investment have not been disclosed. The transaction is subject to customary approvals. KKR makes its investment through its infrastructure fund. Edelweiss Financial Services acted as the exclusive financial advisor to SP Infra. Khaitan & Co. and PwC acted as SP Infra’s legal and tax advisors. AZB & Partners and Simpson Thacher acted as KKR’s legal advisors and EY acted as their M&A advisor.

Next Story
Infrastructure Urban

ICMM CEO Rohitesh Dhawan Visits Hindustan Zinc

Hindustan Zinc, India’s only and the world’s largest integrated zinc producer, hosted Rohitesh Dhawan, President & CEO of the International Council on Mining and Metals (ICMM), at its flagship Sindesar Khurd Mine (SKM) in Rajasthan. The visit follows Hindustan Zinc’s induction as the first Indian company into ICMM, marking a significant milestone for India’s mining sector on the global sustainability stage.Dhawan, accompanied by run Misra, CEO of Hindustan Zinc, and the senior leadership team, toured Sindesar Khurd Mine – the world’s fourth-largest silver-producing mine – to ..

Next Story
Infrastructure Urban

Amit Gupta Appointed CFO of Vedanta Jharsuguda Unit

Vedanta Aluminium has announced the appointment of Amit Gupta as Deputy Chief Financial Officer of its aluminium business and Chief Financial Officer of its Jharsuguda unit in Odisha.Gupta has been associated with the Vedanta Group since 2018, beginning as Group Head – FP&A at Vedanta Resources. With over two decades of cross-sector experience, he brings strong expertise in financial strategy, project finance, and business transformation.Prior to this role, he served as CFO of Bharat Aluminium Company (BALCO), where he led finance operations for more than four years. He has also held sen..

Next Story
Infrastructure Energy

Adani Power To Build 2,400 MW Plant in Bihar

Adani Power on Saturday (September 13, 2025) announced plans to set up a 2,400 MW ultra super-critical power plant in Bihar at an investment of $3 billion (around Rs 26.48 billion).The company has signed a 25-year Power Supply Agreement (PSA) with Bihar State Power Generation Company Ltd (BSPGCL) to supply electricity from the project, which will be located at Pirpainti in Bhagalpur district.The PSA follows a Letter of Award issued by BSPGCL to Adani Power on behalf of North Bihar Power Distribution Company Ltd (NBPDCL) and South Bihar Power Distribution Company Ltd (SBPDCL) in August. Adani P..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?