Investment firm KKR buys major stake in ACCIONA; plans yield co IPO

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In a financial deal that is said to be one of the largest ever within the renewable energy sector, investment firm, Kohlberg Kravis Roberts (KKR) has purchased a one-third stake in ACCIONA Energía International (AEI) for €417 million (US$567.3 million). ACCIONA Energía is to retain two-thirds ownership of AEI.

AEI has around 2.3GW of renewable assets in 14 countries, which primarily includes wind farms, though the company does own a small number of PV power plants.

The partners said that an international IPO through a yield co vehicle was being planned that would hold all or part of the existing assets of AEI. The yield co would be expected to provide significant new funding for further renewable energy investments.

José Manuel Entrecanales Domecq, chairman and CEO of ACCIONA, said: “We are very pleased to have KKR on board as a long-term investment partner who understands and shares our ambition to grow in the renewable energy sector. Our strategic alliance will broaden our international reach, and it will transform the scale of what we can achieve.”

ACCIONA Energía will operate AEI’s assets for 20 years under a management agreement. The deal is expected to close by the end of 2014.

 

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