Shapoorji arm to sell solar assets worth ₹1,554 cr

MUMBAI : The Shapoorji Pallonji Group, which has been making several efforts to monetise its assets to reduce debt, on Monday, said its arm Shapoorji Pallonji Infrastructure Capital has signed an agreement to sell 317 megawatts (MW) of solar assets to private equity firm KKR. The total transaction size is worth ₹1,554 crore (about $204 million).

The sale includes 169MW of solar projects in Maharashtra and 148MW in Tamil Nadu. The deal is part of a wider process at the Shapoorji Group to deleverage its balance sheet.

For KKR, this is the second investment in Indian infrastructure, following its May 2019 investment in India Grid Trust, an infrastructure investment trust which buys and operates power transmission line assets. According to Hardik Shah, managing director at KKR, this transaction is part of the PE firm’s strategy to buy assets backed by long-term contracts.