KKR is doubling down on the India renewables story and is in advanced talks to buy the solar portfolio of Shapoorji Pallonji Group for ₹1,500-1,750 crore ($230-250 million), The Economic Times reported citing people aware of the negotiations.
It is also in talks to buy Hyderabad-based Mytrah Energy for ₹5,250 crore ($750 million). KKR alone is looking at deploying at least half of the amount involved as equity commitment in Mytrah while some existing lenders like Dutch pension fund manager APG Asset Management may join as co-investors by converting a part of their exposure and rolling over the rest.
The deal with SP Group is expected to be stitched up in the coming weeks, while due diligence is underway for Mytrah. The transactions — if successful — will give KKR control over a 2-gw clean energy portfolio, making it a sizeable player in the space. Both SP Group and Mytrah are leveraged, and are facing liquidity challenges.
