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Acciona has announced it is selling one-third of its global renewable energy generation business to investment firm Kohlberg Kravis Roberts & Co. LP (KKR) for EUR 417 million (approximately $567 million).

Under the agreement, KKR will acquire 33% of Acciona Energia International (AEI), and Acciona will retain the remaining two-thirds of AEI. The partnership deal is expected to close by year-end.

AEI holds Acciona’s operating renewable assets outside Spain, which represent 2.3 GW in 14 countries, including the U.S., Mexico, Australia, Italy, Portugal and South Africa. Most of the portfolio is made up of wind farms, with a small number of solar (photovoltaic and thermal) assets.

Acciona says it will give AEI a right of first offer on future renewable energy projects it develops within AEI’s operational territory. The partners plan to promote an international initial public offering through a YieldCo vehicle that will hold all or part of the assets of AEI.

“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,” says Jose Manuel Entrecanales Domecq, chairman and CEO of Acciona. “Our strategic alliance will broaden our international reach, and it will transform the scale of what we can achieve.”

Jesus Olmos, head of KKR Infrastructure in Europe and head of KKR’s operations in Spain, adds, "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 U.S.”




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