Headquartered in Mumbai, Virescent aims to expand its portfolio of operational renewable energy assets, facilitated by investments predominantly made through KKR’s infrastructure fund.
Despite the massive strides in renewables deployment, India’s current and planned energy mixes reflect an “all of the above” strategy, which includes coal, oil and natural gas, rather than a predominantly renewable energy focus.
Global investment firm KKR announced the launch of Virescent Infrastructure, a newly created platform to acquire renewable energy assets in India. Virescent currently owns 317 MW of solar assets located in Maharashtra and Tamil Nadu. KKR 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.
Headquartered in Mumbai, Virescent aims to expand its portfolio of operational renewable energy assets, facilitated by investments predominantly made through KKR’s infrastructure fund. The company looks to identify investment opportunities that have stable cash flows stemming from long-term contracts with state and central government counter-parties across India.
“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. 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,” said Hardik Shah, member at KKR’s Asia-Pacific Infrastructure team.
Virescent is led by CEO Sanjay Grewal, who will be responsible for identifying, planning, and executing investment opportunities for Virescent.