New Delhi: In one of the big-ticket deals in the renewable energy sector, infrastructure developer Shapoorji Pallonji Infrastructure Capital (SP Infra) on Monday announced a Rs 1,554-crore deal with global investment firm KKR to sell five solar assets of 317 megawatts.

At the time of signing the deal Mukundan Srinivasan, managing director of SP Infra, said, “This deal demonstrates SP Infra’s continued track record of developing high-quality infrastructure assets in its chosen spaces, creating value for further growth in its businesses, and be the partner of choice for high-quality international investors like KKR.”

The portfolio comprises of assets with a capacity of 169 MWp in Maharashtra and assets with a capacity of 148 MWp in Tamil Nadu.

Meanwhile, Sanjay Nayar, CEO of KKR India, said, “SP Infra and the Shapoorji Pallonji Group are recognized in India and worldwide for the high quality of their renewable energy projects, and given the government’s ambitious target of achieving 175GW of renewable energy capacity by 2022, we believe this is an attractive time to invest in this portfolio and provide even greater solar energy solutions to communities across India.”

However, the transactions will be subjected to customary approvals, as mentioned in the company’s release. KKR makes its investment through its infrastructure fund.

SP Infra’s portfolio comprises 169 megawatt (MW) in Maharashtra and 148 MW in Tamil Nadu. The SP Infra has the signed definitive agreements with KKR, under which the company will sell five operational solar energy assets to KKR for a total consideration of Rs 1,554 crore ($204 million), according to a PTI report.

The Indian company operates from Mumbai and expanded to over 70 countries with a global turnover of over $5 billion.

SP Infra is the infrastructure development arm of the group with assets and businesses in the renewable and gas-based power, highways, port and terminals in India and overseas.