Global investment firm KKR has signed a definitive agreement with Indian infrastructure developer Shapoorji Pallonji Infrastructure Capital (SP Infra) to acquire its five solar energy assets for a total consideration of INR15.54bn ($204m).

The 317MWp solar portfolio includes 169MWp capacity of assets in the Indian state of Maharashtra, while 148MWp located in Tamil Nadu state.

KKR Asia Pacific infrastructure head David Luboff said: “We are truly pleased to extend our infrastructure franchise in Asia and India through this investment in a world-class portfolio of fully operational solar energy projects.

“Given the growing demand across the Asia Pacific for sustainable energy solutions, we also see this as a great example of how KKR can bring capital and expertise to assets to help meet the demand for infrastructure development.

“Looking ahead, we are excited to explore even more renewable energy opportunities in India and overseas.”

The investment in five assets is expected to fast-track the provision of renewable energy solutions to Indian communities.

Based in Mumbai, Maharashtra, Shapoorji Pallonji operates in more than 70 countries.

SP Infra managing director Mukundan Srinivasan said: “This deal further 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.”

Completion of the deal is subject to customary approvals. KKR is financing this acquisition through its infrastructure fund.