Tag Archives: Energy

CapMan Infra invests in solar developer Skarta Energy to transform it into an independent power producer

Capman

CapMan Infra invests in solar developer Skarta Energy to transform it into an independent power producer 

CapMan Infra has agreed on a majority investment in Skarta Energy in a joint venture to be established together with its current parent company SkartaNYAB Plc. The joint venture will develop renewable energy projects, with initial focus on solar in Finland and a strategy to develop-to-own and becoming an independent power producer. The development of solar energy supports the green transition, while improving energy security in the Nordic countries.

Skarta Energy was established in 2021 and has a strong pipeline of mainly solar energy projects with a combined production capacity of over 1.0 GW in various phases. Skarta Energy has a unique and experienced team of eight, which has established a strong platform for further growth. Currently, Skarta Energy is developing its first utility scale solar project in Utajärvi where construction for phase 1 is expected to start in late 2023. Over the next five years the target is to develop and operate c. 500 MW of production, which corresponds to the power consumption of over 20,000 households.

“We are very excited about this first investment of CapMan Infra’s second infrastructure fund. Skarta Energy is well positioned in its own right to drive the necessary green transition and increase the security of electricity supply within our Nordic home markets. Currently, solar energy accounts for only half a percent of all electricity produced in Finland, a figure which is expected to increase significantly as Finland is targeting to become fossil fuel free by 2035. This has led to strong corporate and consumer demand and support for green electricity.  We are very excited to partner with SkartaNYAB to develop the nascent Finnish solar market and build Skarta Energy into a leading independent power producer together,” says Harri Halonen, Partner at CapMan Infra.

“We have found the right partner to accelerate our vision to build a cleaner future. SkartaNYAB’s expertise in project development and energy engineering as well as energy construction is hereby combined with CapMan’s expertise in the renewable sector and ability build and grow successful infrastructure businesses. Skarta Energy will be a significant player to improve energy self-sufficiency in Finland,” says Johan Larsson, CEO of SkartaNYAB Plc.

CapMan Infra will own 60% of the joint venture Skarta Energy. The transaction is expected to close by the end of 2022.

CapMan Infra’s investment focus is core and core+ infrastructure assets in the energy, transportation and digital infrastructure sectors in the Nordics. This investment is the first for the CapMan Nordic Infrastructure II fund established in 2022 and with a €400 million target size. The CapMan Infra team comprises 11 investment professionals based in Helsinki and Stockholm.

For more information, please contact: 

Harri Halonen, Partner, CapMan Infra, tel. +46 768 71 0062

About CapMan 

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €4.9 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs around 180 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com. 

About SkartaNYAB 

SkartaNYAB is a builder of a clean future with decades of experience in complex and demanding projects. We are enabling green transition in the Nordics by providing engineering, construction, and maintenance services to public and private sector clients regarding renewable energy and sustainable infrastructure. SkartaNYAB is headquartered in Oulu and it has more than 300 employees at different locations in Finland and Sweden. 

Categories: News

Tags:

Partners Group to sell CWP Renewables, a major Australian renewable energy platform

Partners Group

Sydney, Australia; 7 December 2022

  • Partners Group built CWP from the ground up, transforming it into one of the largest renewable energy platforms in Australia
  • The Platform has 1.1 GW of operational onshore wind assets, including Murra Warra I & II
  • Renewable energy is a core thematic focus for Partners Group, which seeks to invest in next-generation infrastructure assets that benefit from decarbonization trends

Partners Group, a leading global private markets firm, has, on behalf of its clients, agreed to sell CWP Renewables (“CWP” or “the Platform”), a vertically integrated renewable energy platform in Australia, to Squadron Wind Energy Assets.

CWP’s renewable energy platform spans onshore wind and battery farms, and provides power to clients including Transurban, Woolworths Group, Sydney Airport, Commonwealth Bank, and Snowy Hydro. It currently operates over 1.1 GW of wind assets including Sapphire Wind Farm, which has 75 turbines generating up to 270 MW, Murra Warra I & II (with a combined 435 MW), Bango Wind Farm (244 MW), and Crudine Ridge (142 MW). CWP’s portfolio also includes a construction-ready 414 MW wind farm and a 30 MW battery project. The Platform has a project pipeline including 5 GW of near-medium term projects and an additional 15 GW at an early stage of development.

Partners Group developed CWP from the ground up in line with its long-term and thematic approach to investing in next-generation infrastructure assets that benefit from decarbonization trends. The firm invested in Sapphire Wind Farm, the first of the CWP assets to be constructed, in 2016. In building CWP, Partners Group successfully managed projects towards commercial operation dates, installed best-in-class teams to handle daily operations, arranged long-term power purchase agreements, and implemented a portfolio debt staple to replace individual asset specific project finance facilities, all with a view to the long-term sustainability of the Platform.

Martin Scott, Head of Australia, Partners Group, says: “We are proud to have built a major renewable energy platform that is set to play a key role in decarbonizing Australia’s energy mix and supporting the country and its businesses in meeting their ambitious net zero ambitions.”

Andrew Kwok, Head of Private Infrastructure Asia, Partners Group, comments: “The Platform, including late-stage construction assets, creates enough energy to power 200,000 homes, employs more than 1,000 Australians, and avoids 2.1 million tons of emissions through its renewable power generation.”

Nick Kuys, Head of Private Infrastructure Asset Management Asia, Partners Group, adds: “The assets in the CWP platform benefit from talented operations teams and long-term contracts, which provide highly visible cashflows.”

Partners Group’s Private Infrastructure business has USD 21 billion in assets under management and has made over 130 investments in 18 countries globally. Partners Group has invested over USD 3.8 billion in renewable energy assets globally.

Completion of the transaction is subject to customary regulatory approvals. Partners Group was advised by Macquarie Capital as its financial advisor and Clifford Chance as its legal advisor.

Categories: News

Tags:

Partners Group to acquire Sunsure Energy, a leading renewable energy platform in India

Partners Group

Mumbai, India; 8 December 2022

  • Partners Group will invest up to USD 400 million to transform Sunsure into a next-generation independent power producer
  • Sunsure will help businesses in India meet their decarbonization targets
  • The Platform targets 3 GW of capacity from Partners Group’s equity commitment

Partners Group, a leading global private markets firm, has, on behalf of its clients, agreed to acquire a majority stake in Sunsure Energy (“Sunsure” or “the Platform”), a leading renewable energy and decarbonization solutions platform in India. Partners Group will invest up to USD 400 million in the Platform.

Founded in 2015, Sunsure has historically built solar plants for Commercial & Industrial (“C&I”) customers and third-party renewable power producers in India. Under Partners Group’s ownership, Sunsure will be transformed into a next-generation independent power producer that will build and own utility-scale solar, wind, solar-wind hybrid, and battery storage renewable energy projects. The Platform is targeting over 3 GW of operational capacity and will be focused on selling power directly to C&I customers through long-term Power Purchase Agreements (“PPAs”). The Platform also plans to help customers meet decarbonization and energy cost reduction targets by expanding the scope of existing client relationships to provide additional value-added services, such as energy-as-a-service and carbon credit management. India is the third largest electricity market in the world, with C&I customers consuming over 50% of the power generated in the country. This consumption is expected to continue rising in line with India’s real GDP growth. The vast majority of this power demand today is sourced from non-renewable sources.

Partners Group, which has extensive experience in the renewable energy and decarbonization sectors, will work closely with the Sunsure founding team and management on achieving the Platform’s vision and delivering value creation initiatives.

Luv Parikh, Managing Director, Private Infrastructure Asia, Partners Group, says: “Sunsure is a transformational, next-generation infrastructure investment opportunity in India’s growing renewable energy sector, which has been a thematic focus area at Partners Group for many years. We intend to help companies operating in India meet decarbonization goals and assist in the country’s overall energy transition. Through this investment, we will support Sunsure in executing on its pipeline of renewable projects and assist them in offering new services to C&I customers. We look forward to working with the team.”

Shashank Sharma, Founder and Chief Executive Officer, Sunsure Energy, comments: “At Sunsure, we are looking to bridge the gap between the availability of significant solar and wind energy resources in India and the production of solar and wind power. Since inception, we have delivered solar power to C&I clients across multiple industries in 16 states. We believe Sunsure’s transition into an independent power producer is the best way to ensure more businesses benefit from low-cost solar and wind power in the future. Partners Group’s extensive experience in the renewables and decarbonization sectors across North America, Europe, and Asia Pacific, as well as its financial resources, make the firm an ideal partner for the Sunsure platform.”

The Sunsure founding team includes Shashank Sharma, Shantanu Faugaat, Manish Mehta, Kartikeya N. Sharma, and Tarunveer Singh.

Bharath Rajagopalan, Member of Management, Private Infrastructure Asia, Partners Group, adds: “Sunsure is well-positioned to achieve positive stakeholder impact over the long term by helping businesses reduce their carbon emissions. There is also a strong economic rationale for India’s C&I customers to purchase renewable power directly from independent producers such as Sunsure. The government’s far-sighted and favorable renewable energy policy, as well as India’s resilient economic growth, are additional tailwinds that attracted us to Sunsure and the Indian renewable energy space.”

Partners Group’s Private Infrastructure business has USD 21 billion in assets under management and has made over 130 investments in 18 countries globally.

Categories: News

Tags:

KKR to Invest $400 Million in Decarbonization Platform Serentica Renewables

KKR

November 8, 2022

  • Serentica seeks to enable the energy transition for energy-intensive, hard-to-abate industrial sectors by providing complex clean energy solutions
  • Transaction is among the largest industrial decarbonization investments in India to date

NEW DELHI–(BUSINESS WIRE)– KKR, a leading global investment firm, and Serentica Renewables (“Serentica” or the “Company”), a decarbonization platform that seeks to enable the energy transition by providing complex clean energy solutions for energy-intensive, hard-to-abate industries, today announced the signing of definitive agreements under which KKR will invest $400 million in the Company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221107006199/en/

Serentica looks to deliver round-the-clock clean energy solutions for large-scale, energy-intensive industrial customers. This includes providing renewable energy solutions through long-term Power Purchase Agreements (“PPAs”) and working closely with customers to design their paths to net-zero electricity. Currently, the Company has entered into three long-term PPAs and is in the process of developing ~1,500 MW of solar and wind power projects across various states including Karnataka, Rajasthan, and Maharashtra. Serentica’s medium term goal is to install 5,000 MW of carbon-free generation capacity coupled with different storage technologies and supply over 16 billion units of clean energy annually and displace 20 million tonnes of CO2 emissions.

Serentica’s launch builds on the favorable macroeconomic tailwinds behind India’s power and renewables sectors, as well as the government’s strong commitment to advancing India’s energy transition. In addition, Serentica looks to provide clean energy alternatives to the critical but hard-to-abate industrial sectors that continue to drive India’s development and economic growth. As energy demands continue to rise alongside India’s developmental needs and prosperity, there is significant potential for renewable energy to play an important role in meeting the energy needs of the industrial sector in a sustainable manner.

Pratik Agarwal, Director of Serentica Renewables, said, “We are happy to have a like-minded strategic partner in KKR who believes in our model of sustainable development. The world is undergoing a clean energy transition and India is at the forefront of this effort with its ambitious target of 450GW by the year 2030. This investment will allow us to leap ahead in our vision of decarbonizing large energy intensive industries and help in reversing climate change. This transaction is amongst the largest industrial decarbonization investments in India to date and carries forward the global decarbonization agenda which is centre stage at COP27 (2022 United Nations Climate Change Conference).”

Hardik Shah, Partner at KKR, said, “Our investment in Serentica reflects KKR’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India. Energy-intensive, heavy-industry companies play an important role in society but have traditionally faced more challenges in meeting energy needs sustainably. With Serentica, we look to support these companies in their decarbonization objectives. We are delighted to back Serentica through this latest strategic partnership and are excited to develop Serentica into a leading decabonization platform that can contribute meaningfully to the energy transition requirements that lie ahead of us.”

Standard Chartered Bank acted as the sole financial advisor to Serentica for this transaction.

KKR makes its investment from its Asia Pacific Infrastructure strategy. The transaction in Serentica marks KKR’s latest investment in India and the renewables sector. Since 2011, KKR has deployed over $15 billion in equity globally to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of 23 GW, as of December 31, 2021. In Asia Pacific, KKR sees renewables as core to its infrastructure strategy and seeks to invest behind the significant opportunities across the region.

About Serentica Renewables

Established in 2022, Serentica Renewables is 100% held by Twinstar Overseas Limited (“TSOL”) which also owns controlling stakes in Sterlite Power Transmission Limited & Sterlite Technologies Ltd. Serentica Renewables looks to provide round-the-clock clean energy solutions enabling the transition of large-scale, energy-intensive industries to clean energy. The company is focused on industrial decarbonization, by making renewables the primary source of energy for the commercial & industrial segment which consumes more than 50% of the electricity generated in India. Serentica aims to provide assured renewable energy through a combination of solar, wind, energy storage and balancing solutions.

For more details on Serentica, please visit www.serenticaglobal.com

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media enquiries:
For Serentica Renewables:
Ajay Padamanabhan
+91 90112 38700
contact@serenticaglobal.com

For KKR:
Wei Jun Ong
+ 65 9139 5813
WeiJun.Ong@kkr.com

Source: KKR

Categories: News

Tags:

CVC Fund VIII to acquire 50% of Gridspertise, an Enel Group company focused on digital transformation of power grids

CVC Capital Partners Fund VIII is pleased to announce the signing of an agreement with Enel Group to acquire 50% of Gridspertise, a leading smart grid OEM serving electricity infrastructure operators owned by the Enel Group through Enel Grids.

Gridspertise is an energy transition enabler, providing essential hardware, software and services to electricity infrastructure operators. Its products help customers transform traditional electricity distribution grids into smart grids and respond to the steep growth in power consumption demands.

Thanks to its high-quality products and innovative technology, Gridspertise is well-positioned in a large and global market of around €30 billions, with market leader positions in Italy, Brazil, Latin America and Spain and with strong global ambitions.

The product offering of Gridspertise includes smart electricity meters, smart grid devices – namely devices installed at a higher level of the electricity value chain which record energy flows and automate energy dispatching decisions – and software and services to enable these systems to function.

Quotes

Gridspertise is a unique opportunity to leverage the growth of energy transition incentives offered by authorities worldwide

Jiri ZrustPartner, Head of Infrastructure at CVC

Andrea Ferrante, Senior Managing Director at CVC, said: “We are excited about this investment and look forward to working closely with Enel and the management team led by Robert Denda to further improve Gridspertise’s go-to-market capabilities, diversify the current geographical footprint and optimise operational performance.”

“Our global expertise in the space of energy infrastructure, with investments in Naturgy, PPC and PKP Energetyka, has been crucial to position ourselves as a reliable partner for Enel in Gridspertise. Gridspertise is a unique opportunity to leverage the growth of energy transition incentives offered by authorities worldwide”, added Jiri Zrust, Partner, Head of Infrastructure at CVC.

The transaction is expected to close in Q4 2022 and is subject to customary closing conditions.

Categories: News

Tags:

Ratos company HENT to build FREYR Battery’s Giga Arctic battery factory in Mo i Rana

Ratos

he Norwegian construction company HENT, which signed a major partnership contract with FREYR in December 2021 regarding battery factories in Mo i Rana, has been commissioned to build FREYR Battery’s Giga Arctic battery factory. HENT will be responsible for planning, project administration and constructing the first battery factory, with floor space of 120,000 square metres.

Giga Arctic is the collective name of FREYR’s previously planned battery factories Gigafactory 1 and 2 in Mo i Rana. The annual manufacturing capacity is estimated at 29 GWh. Giga Arctic will primarily produce lithium-ion batteries, specifically lithium ferro-phosphate (LFP) batteries.

“Giga Arctic is yet another landmark to be proud of in HENT’s portfolio. This is an important project for society at large, since the factory will produce batteries that reduce global carbon dioxide emissions, which contributes to the transition towards a sustainable society. It is particularly gratifying that the project will be carried out in the collaborative form “Partnering”. Partnering contracts now make up the majority of HENT’s order book. Furthermore, specialist expertise in large, complex projects is attractive. Ratos is a proud long-term owner with a conviction that sustainability means profitability,” says Christian Johansson Gebauer, Chairman of the Board of HENT and President Business Area Construction & Services, Ratos.

“This is an important milestone for us. We remain humble, but we are proud to be part of the new industrial initiative in Norway. Building this battery factory is evidence of our ability to collaborate when navigating large-scale construction projects side-by-side with our clients. HENT is an active advocate for building safely and sustainably, and when we work with FREYR we have a like-minded partner with a clear vision of a strong and sustainable battery industry in Norway,” says Jan Jahren, CEO, HENT.

About HENT AS
HENT is a leading construction company that mainly works with new construction of public and commercial real estate. HENT focuses on project development, project management and purchasing. Its projects are carried out with their own project administration and in collaboration with a knowledgeable network of quality-assured subcontractors. They conduct projects throughout Norway and in selected segments in Sweden and Denmark.

About FREYR Battery Norway AS
FREYR is a pioneering manufacturer of clean battery solutions for a better planet. FREYR is driven by cost-efficient hydro and wind power and designs and manufactures high-density, cost-stable lithium-ion batteries with a lower carbon footprint for the rapidly expanding global market for electric mobility, stationary energy storage and marine and aviation applications.

For further information, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21

Categories: News

Tags:

DIF Capital Partners invests in leading global renewable energy platform Qair

Qair, a fast growing renewable energy platform company, and DIF Capital Partners, a leading global independent investment manager, are pleased to announce that they have signed a partnership agreement whereby DIF, through DIF Infrastructure VII, will invest in the company to accelerate its growth and portfolio build out.

Qair is an independent power producer that develops, owns, and operates multi-technology renewable energy projects. The platform is focused on a wide range of technologies including onshore and offshore wind, utility scale solar, energy from waste, hydroelectricity, (battery) storage, hydrogen production, as well as tidal energy. Qair is a global player with a presence in 20 countries. The majority of its activities are based in France, Poland, Germany, Italy, Spain and Brazil. The company has 550 employees and is headquartered in Paris, France.

Qair has an operational portfolio of c. 1 GW, which is mainly comprised of (onshore) wind (c. 75%) and solar projects, as well as a development pipeline of 25 GW. The company benefits from strong development capabilities and foresees to add around 4 GW of renewable projects over the next five years.

Louis Blanchard, CEO of Qair: “With my partners Jean Marc Bouchet and RGreen, and the broader Qair team, we are happy to welcome DIF Capital Partners and join forces to pursue the development of our group’s strategy. We are confident that with the entrepreneurial spirit that drives us both, DIF will offer us the best support in our mission to accelerate the energy transition, especially within the current complex energy market.”

Gijs Voskuyl, Partner at DIF and Head of Investments for DIF Infrastructure VII adds: “DIF is delighted to partner with Qair and its management team and support them in their next phase of growth. We believe the company has built up an excellent track record and an impressive pipeline across a wide range of renewable energy sectors and countries and is very well positioned to play a leading role in the continuous decarbonization of the global economy”.

Qair was advised by August Debouzy, PSP Avocats, NM Advisory, 8 Advisory, PwC, Niddam-Drouas and Drooms. DIF was advised by Astris Finance, KPMG, H3P, Clifford Chance, UL, DNV, Baringa and Marsh.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
  • Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core and build-to-core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

DIF Capital Partners has a team of over 200 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Thijs Verburg, t.verburg@dif.eu.

Categories: News

Tags:

DIF Capital Partners acquires a majority stake in French EV charging operator Bump

DIF

DIF Capital Partners (“DIF”) is pleased to announce that DIF Core-plus Infrastructure Fund III has closed the acquisition of a 55% stake in Bump SAS (“Bump” or the “Company”), a Paris-headquartered Charge Point Operator (“CPO”) that designs, installs, operates and owns Electric Vehicle (“EV”) charging infrastructure.

The Company has a unique positioning by securing mid to long term contracts primarily with EV fleet operators, both in fleet depots and in third party car parks mostly in Paris and Lyon. Founding shareholders include the management team, as well as Otoqi, a mobility services platform, and Firalp, a building contractor specialized in electrical & digital networks. All founding shareholders will remain invested in the Company.

Since inception Bump managed to develop a fast growing existing EV charging infrastructure base, with an expected portfolio of over 1,700 charge points installed or signed by the end of 2022. DIF’s investment will support the Company in significantly growing the portfolio of charge points with the ambition to be one of France’s market leaders in the fast growing B2B segment.

France is a key target market for DIF and is served locally by its 13-person strong team in Paris. The investment in Bump is DIF’s second investment in the sector after the acquisition of a majority stake in Plugit Oy, a leading Finnish EV charging infrastructure company, last year.

Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy, says: “DIF believes that the electrification of transportation will play a critical role in reducing carbon emissions. We are impressed by the management team of Bump and what the Company has realised to date. We are excited to invest alongside the existing shareholders to speed up the rollout of charging infrastructure across France, which is expected to become the second largest EV charging market in Europe”.

François Oudot, CEO of Bump, adds: “We are excited about this opportunity to accelerate our growth and tap the booming French EV market. Partnering with DIF will enable us to secure long term financial resources and benefit from their experience in supporting large capex roll out programs”.

Bump was advised by Celsius Avocats (legal), Finergreen (M&A) and E-Cube (commercial). DIF was advised by Gide (legal and tax), H3P (M&A), Boston Consulting Group (commercial), DNV (technical), Marsh (insurance) and PwC (finance and model audit).

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
  • Traditional DIF funds, of which DIF Infrastructure VI is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

DIF Capital Partners has a team of over 190 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Thijs Verburg, t.verburg@dif.eu.

Share

Categories: News

Tags:

KKR Invests in Hero Future Energies in $450 Million Transaction

KKR

NEW DELHI–(BUSINESS WIRE)– KKR, a leading global investment firm, and Hero Future Energies (“HFE” or the “Company”), the renewable energy arm of the Hero Group, today announced the signing of definitive agreements under which KKR and the Hero Group will invest $450 million in the Company. This investment will position HFE for continued growth and support its efforts to expand its renewable energy capacity and capabilities across technologies such as solar, wind, battery storage, and green hydrogen, and into new markets over time. Through its range of solutions, HFE will also look to support companies in their efforts to decarbonize and transition towards sustainable energy sources to achieve their net zero emission goals.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220918005083/en/

Founded in 2012, Hero Future Energies is a leading independent power producer (“IPP”) in India with a diversified portfolio of 1.6 GW of operating solar and wind projects.

Beyond supporting HFE’s growth, this round of investment led by KKR will help accelerate India’s energy transition. It advances the country’s significant effort to expand renewable energy capacity, reduce carbon emissions by 1 billion tons by 2030 and achieve net-zero emissions by 2070, as energy demand continues to grow alongside economic development. Private sector participation, including from global investors, is expected to be a key enabler for India to meet these targets, in lockstep with supportive government policies.1

Hardik Shah, Partner at KKR, said, “Hero Future Energies is a pioneer in India’s renewables sector, and has a strong track record of delivering innovative clean energy solutions to support India’s renewable energy ambitions. HFE’s clean energy solutions play an important role in helping companies decarbonize as energy demands continue to grow. We look forward to working closely with HFE’s management team and existing investors, including the Hero Group and IFC, to help HFE achieve its next phase of growth and contribute to the energy transition efforts in India and globally.”

Rahul Munjal, Chairman & Managing Director of Hero Future Energies, said, “I am happy to welcome KKR as a strategic partner in our company to achieve our goal of expanding renewable energy capacity across multiple geographies by 2025. With this investment, Hero Future Energies will work to accelerate India’s energy transition and contribute to the Indian government’s target of generating half the country’s power from non-fossil fuel sources by 2030.”

Srivatsan Iyer, Global CEO of Hero Future Energies, added, “KKR’s investment will drive Hero Future Energies’ growth in the rapidly growing renewable energy markets domestically and globally, as well as in new technologies such as battery storage, solar-wind hybrid projects, round-the-clock power, and green hydrogen, among others. This partnership is also a validation of our core strengths and capabilities in design and engineering, development, and project execution, while achieving excellence in health, safety and environment standards.”

Isabel Chatterton, Asia Pacific Regional Head of Infrastructure at IFC, said, “IFC is pleased to welcome KKR as a strategic partner on our longstanding investment in Hero Future Energies. This investment will enhance the company’s growth plans both in India and globally, meeting surging energy demands and mitigating against climate impacts with reliable and affordable clean energy solutions. Hero Future Energies has been successful in building a leading renewables platform that will help accelerate the transition to a sustainable, green economy.”

KKR makes its investment from its Asia Pacific Infrastructure Fund. The investment in Hero Future Energies builds on KKR’s extensive experience in India and the renewables sector. Since 2011, KKR has deployed over $15 billion in equity globally to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of 23 GW, as of December 31, 2021. In Asia Pacific, KKR sees renewables as core to its infrastructure strategy and seeks to capture the significant opportunities across the region. In 2020, KKR set up Virescent Infrastructure, a renewable energy platform to own and operate renewable assets in India. In 2022, KKR launched Aster Renewable Energy, a renewables platform to develop, build and operate solar, wind, and energy storage projects in Taiwan and Vietnam, with a view to expand to other markets across the region.

About Hero Future Energies

Established in 2012, Hero Future Energies is present across multiple states in India, Bangladesh, Vietnam, Singapore, Ukraine and the UK. The company is an independent power producer (IPP) with about 1.6 GW of operating assets across utility and commercial & industrial sectors. The company plans to invest progressively in grid connected solar and wind, rooftop sectors, energy storage and green hydrogen over the next few years in India and internationally.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About IFC

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

1 Moody’s, June 2022: Policy support and low-cost capital key to India meeting renewable energy targets

Media
For Hero Future Energies:
Dipankar Bose
+91 98104 66530
Dipankar.Bose@herofutureenergies.com

For KKR:
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

Source: KKR

Categories: News

Tags:

KKR Leads Investment in Arevia Power

KKR

Financing accelerates development of new solar and wind projects in the United States

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that KKR has led a significant structured investment in Arevia Power (“Arevia” or the “Company”), a U.S. renewable energy developer, with strategic participation by GCM Grosvenor, a leading global alternative asset management solutions provider. The investment will support the Company’s accelerated growth and development of new solar and wind projects throughout the United States.

Founded in 2015, Arevia is a dedicated solar and wind project developer that originates, permits, and manages renewable energy projects through their lifecycle. Currently, Arevia is advancing a multi-gigawatt (“GW”) portfolio of early-stage projects across the country. Arevia’s projects are responsibly sited and aim to meet local and regional energy demand with a focus on mitigating environmental impacts and minimizing impacts to surrounding communities. Arevia’s founders, industry veterans Mark Boyadjian and Ricardo Graf, have a demonstrated track record of success, having fully developed over 2 GW of utility-scale solar photovoltaic infrastructure.

In tandem with the investment, Arevia has executed a Responsible Contractor Policy (“RCP”) for its entire clean energy portfolio throughout the United States. The RCP actively promotes a highly skilled workforce with a strong commitment to health and safety on the job, fair wages, and benefits, and future workforce development.

“Now is a critical time for the energy transition, and we are elated by this milestone that gives us the flexible capital needed and the right partners to expand our solar and wind project pipeline throughout the country in a thoughtful way.” said Mr. Boyadjian, Managing Partner at Arevia. “KKR is an outstanding new strategic partner with deep renewables and infrastructure experience, and GCM Grosvenor is an equally accomplished infrastructure investor who has also been particularly successful in investing in partnership with organized labor groups. Together, this platform investment and new relationship with two world-class investment firms will super-charge our development of clean energy solutions while delivering good-paying jobs and leading the way on responsible development.”

“We’re thrilled to build on our strategy of investing behind premier developers like Arevia as the need and demand for renewable energy rapidly accelerates,” said Samuel Mencoff, a Director on KKR’s asset-based finance team. “Arevia’s experience successfully executing critical development projects and deep network position it at the forefront of the industry amid strong economic and public policy tailwinds. We look forward to supporting the company in its efforts to shift toward cleaner sources of energy supply.”

“With our investment, we are helping Arevia pursue its mission to drive change by building large-scale renewable infrastructure projects,” said Akhil Unni, Managing Director at GCM Grosvenor. “Not only are we putting capital to work in a way that helps support environmental sustainability and meet applicable renewable portfolio standards, but we are also proud of Arevia’s commitment to an organized skilled workforce.”

Since 2011, KKR and its subsidiaries have deployed over $15 billion in equity to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of over 23 GW, as of December 31, 2021. KKR is making its investment in Arevia from its managed insurance accounts. The investment from GCM Grosvenor will come from its infrastructure practice.

Willkie Farr & Gallagher LLP and Munish Dayal, Arevia’s outside general counsel, served as legal advisors to Arevia Power. Amis, Patel & Brewer LLP served as legal advisor to KKR and Allen & Overy served as legal advisor to GCM Grosvenor.

About Arevia Power

Founded in 2015, Arevia Power is an independent U.S. utility-scale solar and wind developer. Arevia’s founders have originated over 12GW of greenfield renewable assets primarily on federal and state lands throughout the U.S. Arevia Power was responsible for originating, NEPA permitting, power-contracting, and leading the development of the Gemini Solar + Storage Project between February 2017 and May 2021. Arevia’s core competency is early and often stakeholder collaboration to create mutually beneficial solutions, engendering community trust. Arevia maintains unique value through an explicit focus on transmission and land.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About GCM Grosvenor

GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $71 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform. GCM Grosvenor’s experienced team of over 510 professionals serves a global client base of institutional and high net worth investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, and Seoul. For more information, visit: gcmgrosvenor.com.

Media Contacts
For Arevia:
Matthew Driscoll
Communications Director, R&R Partners
Matthew.Driscoll@RRPartners.com
M:610-416-9115

For KKR:
Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

For GCM Grosvenor:
Tom Johnson and Will Braun
Abernathy MacGregor
tbj@abmac.com / whb@abmac.com
212-371-5999

Source: KKR

Categories: News

Tags: