KKR-backed Renewables Platform Buys Solar Portfolio of Singapore firm Sindicatum

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Virescent Infrastructure, a renewable energy platform backed by global asset manager KKR & Co, has acquired the 76 megawatt (MW) India solar asset portfolio of Singapore-based Sindicatum Renewable Energy Company Pte Ltd. 

The Singaporean company develops, owns and operates power generation facilities in South and Southeast Asia, and sells electricity to utilities and commercial customers.  

Earlier this year, KKR closed its maiden Asian infrastructure fund hitting the hard cap at $3.9 billion (Rs 28,646 crore). The fund has a broad mandate to invest  across emerging and developed countries in the Asia-Pacific in segments including renewables.  

KKR has reportedly been vying for several renewables assets across India. It is said to be in the race for 900 MW of power purchase agreements from Hero Future Energies.  

Last year, KKR-backed IndiGrid, the country’s only publicly listed InvIT (infrastructure investment trust) in the power sector, said it had acquired two assests operated by FRV Solar Holdings.  

KKR backed Virescent Infrastructure has floated the first infrastructure investment trust (InvIT) in the green power space. The InvIT aims to achieve approximately 1.5 GW assets in the next two to three years.

The KKR arm has sought approval from the Securities and Exchange Board of India (SEBI) for the private InvIT. KKR is also in the process of acquiring a portfolio of operational solar assets of about 76 MWp (megawatt-peak) at different locations, including Mohaba (Uttar Pradesh), Jodhpur (Rajasthan), and Patan (Gujarat). The power purchase agreements (PPAs) for these assets are with state-owned counterparties. The assets will be vested in the InvIT.

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