Solar asset sale to KKR to accelerate pace of debt reduction: Shapoorji Palonji
Mumbai: The recent sale of 317 megawatts of solar assets to private equity firm KKR will accelerate Shapoorji Pallonji Group’s debt repayment efforts, said a group of spokesperson in an email statement to Mint.
On Monday, the group said it is selling five solar projects in Maharashtra and Tamil Nadu to KKR for a consideration of ₹1,554 crore. The transaction marked a significant asset monetization for the group, as part of larger effort to deleverage its stretched balance sheet.
“This deal is expected to accelerate the pace of debt reduction at the SP Group. The proceeds of this sale will be primarily applied by the group towards debt reduction and a part will also be utilized for funding the group’s under construction solar projects,” the group said.
