Global investment firm KKR has launched a platform to acquire renewable energy assets in India. Headquartered in Mumbai, Virescent Infrastructure aims to expand KKR’s diversified portfolio of operational renewable energy assets, facilitated by investments predominantly made through the group’s infrastructure fund.

Virescent looks to identify investment opportunities that have stable cash flows stemming from long-term contracts with state and central government counterparties across India. It currently owns 317 megawatts peak 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 platform.

Virescent’s launch comes as renewables are expected to become an increasingly important energy source for India. Renewable energy is estimated to comprise approximately 60% of the country’s installed power capacity by 2030, from around 24% at present, according to India’s Ministry of Power and New & Renewable Energy.

Hardik Shah, a managing director on KKR’s Infrastructure team, says: “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.”

Virescent is led by CEO Sanjay Grewal, who has more than 30 years of experience in the Indian and global infrastructure sector. He will be responsible for identifying, planning, and executing investment opportunities for Virescent.