Acciona and Kohlberg Kravis Roberts & Co. LP (KKR) have reached the financial close of their strategic alliance to consolidate and develop international renewable energy portfolios in the world.
KKR has acquired a one-third stake in Acciona Energía Internacional (AEI), the international renewable energy generation business of Acciona Energía, for € 397 million, and will help fund future growth of the renewables portfolio. Acciona Energía, the Spanish multinational’s energy division, will retain the remaining two-thirds of AEI. Once the reorganisation is complete, AEI will hold a diversified portfolio of Acciona Energía’s operating renewable assets outside Spain. The portfolio comprises 2.3GW in 14 countries which generate steady cash flows of circa € 120 million a year. Most of the assets are wind farms, with a small number of solar (photovoltaic and thermal) installations. The alliance between KKR and ACCIONA also includes a management agreement under which Acciona Energía will operate AEI’s assets for 20 years for an annual fee. Acciona Energía will also give AEI a Right of First Offer on future renewable energy projects it develops within AEI’s operational territory.
