U.S.-based private equity firm KKR & Co. joined the race to buy Infrastructure Leasing & Financial Services Ltd.'s renewable energy assets, The Economic Times reported Jan. 15.
KKR is among the 15 large funds reportedly interested in acquiring renewable energy assets with a capacity of more than 1,000 megawatts, including a controlling stake in 873.5 MW of wind and solar power plants. The sale will likely fetch IL&FS between 60 billion and 80 billion rupees. The debt-laden Indian company is seeking to sell stakes in subsidiaries to pare its debt.
Global Infrastructure Partners, Brookfield and 1 Squared Capital are also said to be interested in buying the assets. Bloomberg News previously reported that Macquarie Infrastructure & Real Assets Inc., Solar Energy Corp. of India and NTPC Ltd. expressed interest in acquiring the wind and solar energy assets.
KKR, Macquarie and Brookfield declined to comment, the publication reported.
As of Jan. 16, US$1 was equivalent to 70.99 Indian rupees.