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Investment firm KKR sets up new firm for renewable energy assets
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SME Times News Bureau | 30 Oct, 2020
Global investment firm KKR on Thursday said it has floated a separate
company, Virescent Infrastructure, to acquire renewable energy assets in
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," said a statement.
Once closed, these projects will also become part of the Virescent platform.
Virescent
aims to expand its diversified portfolio of operational renewable
energy assets, facilitated by investments predominantly made through
KKR's infrastructure fund, KKR said.
Renewable energy is
estimated to comprise approximately 60 per cent of India's installed
power capacity by 2030, from around 24 per cent at present, according to
India's Ministry of Power and New and Renewable Energy.
Renewable
energy represents a key vertical within KKR's infrastructure strategy,
with it having invested in renewable energy businesses with more than
10,000 MW of total operational capacity.
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.
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