Global investment firm KKR today announced the launch of Virescent Infrastructure ("Virescent” or the "Company”), a newly created platform to acquire renewable energy assets in India.
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Headquartered in Mumbai, Virescent aims to expand its diversified portfolio of operational renewable energy assets, facilitated by investments predominantly made through KKR’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.
Virescent currently owns 317MWp 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 citizens across India. Renewable energy is estimated to comprise approximately 60% of India’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, said, "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 brings to the Company 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.
Mr. Grewal said, "Positive government initiatives have created a number of long-term investment opportunities in India’s rapidly transforming renewable energy sector. We are thrilled that Virescent will seek to invest in many of these great opportunities, in addition to achieving stable returns by acquiring high-quality, low-risk, and income-yielding assets with stable and long-term cashflows. I am truly excited to be part of this dynamic industry and for the chance to enhance KKR’s infrastructure strategy by building Virescent’s renewables portfolio.”
KKR takes a flexible approach to infrastructure investment in Asia Pacific, and combines the capabilities of its local teams in Asia Pacific with the Firm’s global industry and operational expertise to add value to companies. Today, KKR’s global infrastructure portfolio spans sectors such as energy, transportation, telecom, oil and gas, and water. Renewable energy represents a key vertical within KKR’s infrastructure strategy, having invested in renewable energy businesses with more than 10,000 MW of total operational capacity.
Virescent additionally deepens KKR’s presence in the Indian market. KKR has been investing in India since 2006, and has since honed its strategy to combine KKR’s global network with the local team’s market knowledge and investment expertise. Today, KKR aims to be a patient capital provider able to help bring flexible financial solutions to meet the needs of India’s private and public sectors. The Firm is extensively engaged in the operations and strategies of its portfolio companies across asset classes, including infrastructure, private equity and credit, to corporations and real estate businesses. KKR’s recently announced investments across asset classes includes, but is not limited to, Reliance Jio, Reliance Retail, IndiGrid, JB Chemicals, Max Healthcare and Ramky Envirotech.
About Virescent Infrastructure
Virescent Infrastructure (Virescent) is a renewable energy company in India. Headquartered in Mumbai, Virescent will expand its diversified portfolio of operational renewable energy assets by identifying investment opportunities that have stable cash flows stemming from long-term contracts with state and central government counterparties across India.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
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(RTTNews) - Asian stock markets are mostly higher on Thursday in holiday-thinned trade following the positive cues overnight from Wall Street amid optimism about U.S. fiscal stimulus after Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi said they will continue talks on a new coronavirus relief bill.
The Tokyo Stock Exchange in Japan has suspended trading due to a technical issue, while the markets in China, South Korea, Taiwan and Hong Kong are closed for holidays.
The Australian market is rising following the overnight gains on Wall Street and as data showed that the manufacturing sector in Australia continued to expand at a faster rate in September.
According to reports, Prime Minister Scott Morrison is set to announce later today that his government will make A$1.5 billion available to Australian manufacturers across six priority areas to boost production of goods in Australia.
The benchmark S&P/ASX 200 Index is advancing 44.20 points or 0.76 percent to 5,860.10, off a high of 5,869.90 earlier. The broader All Ordinaries Index is adding 48.00 points or 0.80 percent to 6,057.30. Australian stocks closed sharply lower on Wednesday.
Among the major miners, BHP Group and Fortescue Metals are rising more than 2 percent each, while Rio Tinto is advancing 2 percent.
In the oil sector, Oil Search is advancing more than 1 percent, while Santos and Woodside Petroleum are adding almost 1 percent each after crude oil prices rose overnight.
The big four banks - ANZ Banking, Commonwealth Bank, Westpac and National Australia Bank - are higher in a range of 0.1 percent to 0.5 percent.
In the tech space, Afterpay is advancing more than 1 percent and WiseTech Global is rising almost 1 percent, while Appen is down 0.2 percent.
Gold miners are mixed after gold prices declined overnight. Evolution Mining is rising 0.4 percent, while Newcrest Mining is down 0.4 percent.
In economic news, the latest survey from IHS Markit showed that the manufacturing sector in Australia continued to expand in September, and at a faster rate, with a manufacturing PMI score of 55.4. That's up from 53.6 in August and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Elsewhere in Asia, Singapore and Indonesia are rising more than 1 percent each, while New Zealand is also higher and Malaysia is lower. The markets in Taiwan, China and Hong Kong are closed for the Mid-Autumn Festival, while South Korea is closed for the Chuseok Festival.
On Wall Street, stocks closed higher on Wednesday in volatile trading amid uncertainty about a potential agreement on a new coronavirus stimulus bill. The pullback by the major averages came after Senate Majority Leader Mitch McConnell said Republicans and Democrats remain "far apart" on a deal. However, stocks rebounded as Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi failed to reach an agreement after a meeting today, but indicated talks would continue.
The Dow jumped 329.04 points or 1.2 percent to 27,781.70, the Nasdaq climbed 82.26 points or 0.7 percent to 11,167.51 and the S&P 500 advanced 27.53 points or 0.8 percent to 3,363.00.
Meanwhile, the major European markets all moved to the downside on Wednesday. While the French CAC 40 Index slid by 0.6 percent, the German DAX Index and the U.K.'s FTSE 100 Index both fell by 0.5 percent.
Crude oil prices rebounded after early weakness on Wednesday as data showed a drop in U.S. crude inventories in the week ended September 25. WTI crude for November added $0.93 or about 2.4 percent at $40.22 a barrel.
STOCKHOLM, Oct. 26, 2020 /PRNewswire/ -- Elkem and FREYR have signed a Memorandum of Understanding (MoU) for the potential commercial supply of battery materials from Elkem to FREYR's lithium-ion battery cell facility under development in Mo i Rana, Norway.
Under the MoU, Elkem and FREYR will work together to establish long-term active anode material supply agreements, including battery graphite and high-content silicon battery materials, for FREYR's initial pilot production line, the 2-25 GWh fast-track facilities and the subsequent 2-phase 32 GWh giga-factory. The agreement also includes joint development and industrial scale testing of new high-performance active anode material and new technologies to provide battery cells with higher energy density, improved safety at significantly lower cost. The agreement is non-binding, and non-exclusive.
"The market for better and greener batteries is growing rapidly. Elkem aims to take a competitive position in this market, contribute to a strong European battery industry and build new Norwegian export industry based on renewable hydropower. We experience strong interest in the market from several battery cell producers across the European continent, as well as the emerging battery industry in Norway. We are pleased to sign an MoU with FREYR to explore the potential for a future commercial supply agreement from Elkem and scaling up Elkem's new silicon-graphite composite materials," says Stian Madshus, Vice President and General Manager Europe in Elkem Advanced Battery Materials.
Elkem recently received NOK 10 million in financial support from Enova to fund the initial planning of the potential large-scale battery materials plant in Norway, named Northern Recharge. The Northern Recharge project aims to supply the fast-growing battery industry through a competitive production process and make batteries greener with lower CO2 emissions. In August, Elkem selected Herøya, one of the biggest industrial parks in Norway, as the project site.
Elkem now continues to progress the Northern Recharge project towards a final investment decision in 2021. A positive investment decision requires competitive public support mechanisms and supportive government policies. Elkem is also inviting industrial and financial partners to participate.
"We are very pleased to include Elkem in our rapidly expanding eco-system of suppliers and customers. Long-term supply of high-performance, competitive active anode materials to our battery cell production facilities in Northern Norway is a core catalyst to competitive battery cell production. By combining secure, stable long-term supply of high performance active anode materials, state-of-the art manufacturing technology and 100% renewable energy, we are continuing to enable FREYR to deliver the most efficient, cost effective and environmentally friendly battery cells to all market segments", says Tom Einar Jensen, the CEO of FREYR.
Elkem continues to carry out research on silicon-graphite composite materials for improved battery performance. This year, the company is joining the Hydra and 3beLiEVe research projects on next generation lithium-ion batteries, coordinated by SINTEF and the Austrian Institute of Technology, respectively. Both projects have received funding from the European Union's Horizon 2020 research and innovation programme.
About ElkemFounded in 1904, Elkem is one of the world's leading suppliers of silicon-based advanced materials with operations throughout the value chain from quartz to specialty silicones, as well as attractive market positions in specialty ferrosilicon alloys and carbon materials. Elkem is a publicly listed company on the Oslo Stock Exchange (ticker code: ELK) and is headquartered in Oslo. The company has more than 6,700 employees with 31 production sites and an extensive network of sales offices worldwide. In 2019 Elkem had revenues of NOK 22.7 billion. To learn more, please visit www.elkem.com
About FREYRA Norwegian company in the process of developing, financing, constructing and operating an initial 2-25 GWh +32 GWh annual capacities worth of lithium-ion based battery cell facilities and a 600 MW wind park in the municipalities of Rana and Nesna in Nordland, Norway. The company will supply sustainably produced, cost competitive battery cells to the rapidly growing market for electric vehicles and energy storage in Europe and globally, as well as develop other markets within the segments of marine transportation, aviation and offshore oil through cluster-based R&D initiatives with leading Norwegian and European institutions and companies. For more information, see the home page at: freyrbattery.com
For more information:Odd-Geir Lyngstad, VP Finance & Investor Relations, ElkemTel: +47 976 72 806Email: firstname.lastname@example.org
Hans Iver Odenrud, Corporate Communication Manager, ElkemTel: +47 958 16 230Email: email@example.com
Tom Einar Jensen, Chief Executive Officer, FREYRTel: +47 911 66 378Email: firstname.lastname@example.org
Hilde Rønningsen, Director of Communications, FREYRTel: +47 453 97 184Email: email@example.com
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