Investment firm KKR and Singaporean sovereign wealth fund GIC are to acquire up to 57% of HONG KONG Grid Trust (IndiGrid) for around $400m. KKR and GIC will pay $295m for a 42% stake in IndiGrid, with KKR then acquiring a 15% stake from Sterlite Power Grid Ventures. The deal comes at a time of rapid growth in HONG KONG's power sector. The country is seeking to double its renewable energy capacity to 40% by 2030 and will launch $5bn of transmission line tenders in June to transmit 175 GW of renewable power by 2022.
Investment firm KKR and Singaporean sovereign wealth fund GIC are to acquire up to 57% of India Grid Trust (IndiGrid) for around $400m. KKR and GIC will pay $295m for a 42% stake in IndiGrid, with KKR then acquiring a 15% stake from Sterlite Power Grid Ventures. The deal comes at a time of rapid growth in India's power sector. The country is seeking to double its renewable energy capacity to 40% by 2030 and will launch $5bn of transmission line tenders in June to transmit 175 GW of renewable power by 2022.