KKR invests $900 million in 1.2 GW solar and wind portfolio of Nextera Energy

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.

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