KKR unit snaps up 100-MW FRV’s Indian solar portfolio

Crescent Dunes Solar Energy Project
The Crescent Dunes Solar Energy Project, near Tonopah, Nevada. This facility employs a field of mirrors focused on a central tower, as seen here from a United Airlines Boeing 737.

Crescent Dunes Solar Energy Project web site:

www.solarreserve.com/en/global-projects/csp/crescent-dunes

Crescent Dunes Solar Energy Project (Wikipedia):

en.wikipedia.org/wiki/Crescent_Dunes_Solar_Energy_Project

By Ian E. Abbott on 2017-06-15 06:26:50
tags KKR unit snaps up 100-MW FRV’s Indian solar portfolio

December 21 (Renewables Now) – An Indian unit of US private equity group KKR & Co (NYSE:KKR) has purchased the 100-MW Indian solar portfolio of Spain-based Fotowatio Renewable Ventures (FRV).

India Grid Trust (IndiGrid), KKR’s first infrastructure investment trust (InvIT) in the Indian power sector, has spent INR 6.6 billion (USD 89.6/EUR 73.1m) to buy the portfolio, which includes two photovoltaic (PV) plants located within the Ananthapuramu solar complex in Andhra Pradesh. According to FRV’s statement on Saturday, IndiGrid has become the sole owner of the FRV Andhra Pradesh Solar Farm-I and FRV India Solar Park II.

FRV won the solar projects, totalling 138 MWp, in an auction by Solar Energy Corporation of India (SECI) back in 2016 with a bid of INR 4.43 per kWh. The company, owned by Abdul Latif Jameel Energy and Environmental Services, has been in negotiations to sell the bundle for several months but a deal has not been reached. Among the potential investors targeting the solar project were India’s Hero Future Energies Pvt Ltd, EverSource and Edelweiss, local media reported previously.

FRV says on its website that the solar plants have been generating electricity since 2017.

Khaitan &Co and Greenstone Advisors assisted FRV Group in the transaction.

(INR 10 = USD 0.136/EUR 0.111)