Mumbai, April 27 (IANS) Shapoorji Pallonji Infrastructure on Monday announced that it will sell five operational solar energy assets to KKR for Rs 1,554 crore.
Both the parties have signed definitive agreements for the same. This comes as a major development for Shapoorji Pallonji as it has of late been under huge debt.
“Shapoorji Pallonji Infrastructure Capital (SP Infra) and global investment firm KKR today 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 ($204 million). The portfolio comprises 169 MW (DC) in Maharashtra and 148 MW (DC) in Tamil Nadu,” Shapoorji Pallonji Infra said in a statement.
KKR makes its investment through its infrastructure fund and the the transaction is subject to customary approvals, it said.
Mukundan Srinivasan, Managing Director of SP Infra, said that the the 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 at KKR, said: “Given the growing demand across the 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.”
The proceeds from the sale would help the company reduce its debt. The group debt problems came to light after it made its group company Sterling & Wilson Solar Ltd public.
On August 20, when it was listed on the exchanges, the dues of the promoter towards Sterling & Wilson stood at Rs 2,563 crore.
Sterling and Wilson Solar in March said that Shapoorji Pallonji and Khurshed Daruvala, its promoters, have repaid loans of Rs 500 crore. An amount of Rs 1,000 crore had already been repaid from the date of listing till December 31, 2019.
–IANS
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