New Delhi, Oct 29 (PTI) Global investment firm KKR on Thursday announced the launch of Virescent Infrastructure, a newly created platform to acquire renewable energy assets in India.
Virescent would expand its diversified portfolio of operational renewable energy assets, facilitated by investments predominantly made through KKR's infrastructure fund, it said in a statement.
The newly created platform would identify investment opportunities that have stable cash flows stemming from long-term contracts with state and central government counterparties across India.
Currently, Virescent owns 317 MW of solar assets located in Maharashtra and Tamil Nadu.
KKR said it 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.
"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 450GW by 2030," said Hardik Shah, managing director on KKR's Infrastructure team.
"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," he added.
Headquartered in Mumbai, 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, it said.
KKR's global infrastructure portfolio spans sectors such as energy, transportation, telecom, oil and gas, and water.
Further, 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.
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