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KKR takes 33% Acciona Energia International stake for €417, eyes IPO

24 Jun 2014

acciona wind farmUS buyout house KKR has agreed a €417m deal for a one third stake in the energy arm of Spanish infrastructure, water and renewable power group Acciona.

The deal, which comes ahead of a planned IPO for the business, gives Acciona Energía International an enterprise value of €2.6bn made up of equal parts equity and net debt.

KKR’s investment marks one of the biggest financial transactions in the renewable energy sector to date, and will be used to fund growth of AEI’s portfolio according to the company.

The firm made the investment using its first Global Infrastructure Fund, which it closed on $1bn in 2012.

KKR is reportedly looking to raise double that for a second fund, which will continue to target deals in renewable energy, pipelines, utilities and transportation-related assets.

AEI will hold Acciona Energía’s operating renewable assets outside Spain, which comprises 2.3GW in 14 countries, including the US, Mexico, Australia, Italy, Portugal and South Africa.

Those assets, which are mostly wind farms, will generate an estimated cash flow of €120m distributable to the partners, Acciona added.

KKR co-chairman and co-CEO Henry Kravis said, “I am really optimistic about the opportunity to partner with such a prominent renewable energy company and to help further develop what is already one of the largest operating renewable portfolios in the world.”

Jesús Olmos, Head of KKR Infrastructure in Europe and the firm’s Spanish operations, said: “Today’s announcement represents another important step in the growth and diversification of our global infrastructure platform, following earlier investments in onshore wind, solar, water utilities, district heating, locomotive leasing and parking, in Europe and the US.

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