KKR invests in NextEra’s renewables portfolio

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

Global investment firm KKR has signed off on a definitive agreement with NextEra Energy Partners (NEP) to acquire an equity interest in a newly-formed partnership with NEP, which currently holds a portfolio of ten utility scale wind and solar projects across the US with a combined generation capacity of 1.1GW.

KKR’s investment will be by way of an equity interest in a new structured partnership with NEP, in which NEP will hold certain rights to acquire KKR’s interest over time at predetermined return levels between 3.5 and seven years after the formation of the partnership. KKR’s share of partnership cash flows will increase to 99% in the event that such call options are not exercised within certain milestones.

In total, the US$900 million investment from KKR will be funded by a mix of new term loan financing and equity from its third Global Infrastructure Investors fund, which closed in September 2018 with US$7.4 billion in commitments.

Brandon Freiman, member of KKR and head of the firm’s infrastructure business in the Americas, said: “We’re excited to partner with NextEra, a world class renewable energy developer and operator, on this portfolio of high quality contracted wind and solar assets. This diverse portfolio of ten fully-operational renewable energy projects, all of which benefit from long-term contracts with investment grade customers, is an excellent addition to our portfolio.”

Read Next

May 2, 2022
Investment firm KKR has reached an agreement to acquire French renewables developer Albioma.
April 28, 2022
Investment firm KKR has launched Aster Renewable Energy, a renewable platform aimed to develop, build and operate solar, wind and energy storage projects in Southeast Asia.
April 22, 2022
US solar players have hit out at the Department of Commerce’s (DOC) move to investigative alleged circumvention of antidumping and countervailing duties (AD/CVD), warning that the threat of tariffs is already jeopardising President Biden’s climate goals.
February 1, 2022
A record 31.1GW of clean energy was bought by corporations through power purchase agreements (PPAs) last year, with technology companies once again the largest buyers, according to research firm BloombergNEF (BNEF).
January 26, 2022
The CEO of US utility NextEra Energy has said that while he thinks it is “more likely than not” that the clean energy piece of the country's Build Back Better (BBB) bill gets acted on this year, the company doesn’t need policy support included in the legislation to achieve its targets.
December 9, 2021
Investment firm KKR has launched a new utility-scale solar and energy storage development platform, dubbed Stellar Renewable Power.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA