KKR eyes multiple, independent green assets in India

KKR plans to own multiple independent platforms for renewable energy assets in India, a key market for the global private equity giant, where it is betting on infrastructure and financial services to consumer technology.KKR is vying for larger assets, such as Sprng Energy and Gentari, directly through its Asia fund, rather than via its renewable energy platform, Serentica. "The idea is to have multiple energy platforms in the country," said a person with knowledge of the firm's strategy.“The assets are large, and Serentica does not have the debt gearing or equity to finance those deals.

The firm is planning to bid independently. Renewables is a sector they are globally betting big on,” said a second person aware of the matter–both spoke on the condition of anonymity.KKR, along with Blackstone, Brookfield, Actis, and Macquarie are ramping up their India bets and have been looking at building platforms by acquiring assets.

That contrasts with the playbook of many global energy majors, which have either exited the country or are looking to sell, given high valuations.A KKR spokesperson declined to comment in an emailed response.The PE giant has made substantial investments in Serentica, including a $400 million commitment in 2022 and an additional $250 million in 2023. Last year, KKR helped Serentica acquire the Indian solar business of Norwegian state-owned company Statkraft for an enterprise value estimated between $220-250 million (about ₹1,942-2,207 crore).In a media roundtable held in November last year, Scott Nuttall, KKR’s global chief executive, said it sees India as one of its key markets.