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June 24, 2014
06:14 EDTKKRKKR to take 33% stake in Acciona's renewables business
ACCIONA, a global infrastructure, water and renewable energy group, and Kohlberg Kravis Roberts & Co. LP announced a partnership to consolidate and develop one of the largest operating international renewable energy portfolios in the world. Under the agreement, KKR will invest in ACCIONA Energía International, the international renewable energy generation business of ACCIONA Energía, the Spanish multinational's energy division. KKR is making the investment from its global infrastructure fund. KKR is acquiring a one-third stake in AEI at a price of EUR417M 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 2.3 GW in 14 countries, including US, Mexico, Australia, Italy, Portugal and South Africa, that will generate an estimated cash flow of EUR120M distributable to the partners. Most of the portfolio is comprised of wind farms, with a small number of solar assets.The investment gives an implied enterprise value to AEI of EUR2.6B, including EUR1.3B in equity and EUR1.3B in net debt, making this one the world's largest financial transactions in the renewable energy sector to date. 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. ACCIONA Energía has a strong pipeline that can be accelerated through this partnership. The agreement is expected to be closed before the end of the year.
News For KKR From The Last 14 Days
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January 22, 2015
07:26 EDTKKRKKR issues some refunds after SEC findings, WSJ says
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05:36 EDTKKRKKR acquires Trainline, details not disclosed
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January 20, 2015
11:52 EDTKKRKKR seeks $3B for distressed fund targeting oil companies, Asia, Bloomberg says
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January 13, 2015
06:41 EDTKKRKKR, DIC partner to establish German Estate Group
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