KKR invests $900 million in 1.2 GW solar and wind portfolio of Nextera Energy
Post date: 04/03/2019 - 18:35
US investment company KKR has signed an agreement with renewable energy developer and operator Nextera Energy Partners, LP (NEP) to acquire an equity interest in a newly-formed partnership with NEP that owns a geographically diverse portfolio of ten utility scale wind and solar projects across the United States, collectively consisting of approximately 1,192 megawatts. The fully-operational renewable energy projects benefit from long-term contracts with investment grade customers, says KKR.
KKR’s investment will be in the form of an equity interest in a newly-formed structured partnership with NEP in which NEP has certain rights to acquire KKR’s interest over time at pre-determined return levels between 3.5 and 7 years after the formation of the partnership. According to the company, KKR’s $900 million investment will be funded via a mix of new term loan financing and equity from its third Global Infrastructure Investors fund, which closed in September 2018 with $7.4 billion in commitments.