SP Infra sells 5 solar-energy assets to KKR for ₹1,554 crore
Shapoorji Pallonji And Company Private Limited is an organization with 18 companies under the group and is in the business of infrastructure, engineering and construction, water energy, real estate and financial services. Their business is expanded to more than 70 countries, has more than 70,000 employees with a turnover of more than $ 5 billion. Shapoorji Pallonji Infrastructure Capital Company Pvt. Ltd. (SP Infra) was established in the year 1997 with the goal of developing and maintaining infrastructure assets which will lead to sustainable development thereby contributing to the economic growth of the nation.
Its key sectors consists of renewable and thermal power projects, ports and terminals, transportation and natural resources. Kohlberg Kravis Roberts is among the top investment firms which aims to generate greater returns by following high standards, hiring quality workers, etc. Shapoorji Pallonji Infrastructure Capital Company Pvt. Ltd. sold off 317 MW solar projects (Maharashtra’s 169 MW & Tamil Nadu’s 148 MW) for Rs. 1,554 crores.
SP Infra sells 5 solar-energy assets to KKR for ₹1,554 crore
Managing Director of SP infra spoke to media that the deal will help the company in maintaining the track record of developing the best quality of infrastructure assets and will further partner with such International investors.The downfall in the real estate market and the economic slow down are some of the reasons of selling the solar energy assets. The low demand in the real estate market resulted in a debt of Rs 9,000 crores. This led the company to list one of its companies named Sterling and Wilson Solar Limited. Sanjay Nayar, Chief Executive Officer of KKR India said to the media that SP infra and SP group are recognized worldwide. They show the best quality of infrastructure assets and energy projects. The company will also help the government in achieving the target of 175GW capacity of renewable energy.
He added that this is the best time to invest in the infrastructure sector in India and prepare the best solar energy solutions. This is because of the increasing demand in the Asia Pacific region. The funds will be used for discovering the new solar energy projects in India and overseas. KKR started investing in the infrastructure sector just a year ago. The first investment was done in India Grid Trust for $ 400 million. Last year SP group sold solar energy assets of 194 MW to Sprng Energy. The watches of SP group said that these dis-investments are done to bring in more capital and are part of the long term strategy adopted in the year 2019.
