- Published: 24 June 2014 24 June 2014
Acciona Energía and Kohlberg Kravis Roberts & Co. LP (KKR), a global investment firm, have announced a partnership to consolidate and develop Acciona’s renewable energy portfolios in the world.
KKR is acquiring a one-third stake in Acciona Energía International (AEI) at a price of € 417 million and will help to fund future growth of the renewables portfolio. Acciona Energía will retain the remaining two-thirds of AEI. AEI will hold Acciona Energía’s operating renewable assets outside Spain, comprising 2.3GW in 14 countries, including US, Mexico, Australia, Italy, Portugal and South Africa, that will generate an estimated cash flow of € 120 million distributable to the partners. Most of the portfolio is comprised of wind farms, with a small number of solar (photovoltaic and thermal) assets. Acciona Energía will operate AEI’s assets for 20 years under a management agreement. Acciona Energía will also give AEI a Right of First Offer on future renewable energy projects it develops within AEI’s operational territory. The agreement is expected to be closed before the end of the year.