Adani, Shell, Actis vying for KKR solar platform in India - report

More than 10 major energy sector players round off the list of companies willing to buy KKR & Co Inc’s (NYSE:KKR) Indian renewable energy platform Virescent and its 500-MWp-plus solar portfolio, The Economic Times reports.

Included in the list are Indian energy majors Adani Green Energy Ltd (BOM:541450) and Torrent Power, as well as private equity firm Actis and oil and gas giant Shell plc (LON:SHEL).

KKR’s portfolio is housed in the Virescent Renewable Energy Trust (VRET), which is India’s first renewable energy infrastructure investment trust (InvIT). According to its website, the entity has a portfolio of 16 operational solar parks across seven Indian states totalling 538 MWp. The platform, set up in 2020, is on sale for USD 550 million (EUR 513.1m), knowledgeable sources have said.

The suitors have made non-binding offers for Virescent, according to the insiders. KKR is now expected to shortlist the candidates who will proceed to the next round of talks and due diligence.

Investment bank JPMorgan is assisting KKR in the sale, plans for which were first reported in October 2022.

(USD 1.0 = EUR 0.933)

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