KKR fund to take 80% stake in solar energy company

KKR is taking an 80% stake in global solar energy firm, Gestamp Solar.

Private equity specialist KKR said the deal is being funded by its Global Infrastructure Investors II fund, which it recently closed at $3.1bn (€2.8bn).

The deal, which is expected to close by the end of this year, will see Gestamp Renewables sell the stake in its developer and operator, Gestamp Asetym Solar PV.

It places Gestamp Solar at a total enterprise value of around $1bn.

Both companies will aim to have up to 2.5GW of installed capacity by 2020. Gestamp has 300 MW of PV projects in operation or in construction, with a further 2.2 GW of PV projects in development.

Jésus Olmos, member and head of European infrastructure at KKR, said now is an “attractive time to invest”.

He said: ”Gestamp Solar will be a key platform for KKR, developing utility scale solar PV on a global level and offers the opportunity to own development capabilities in solar PV, complementary to our presence in operational wind and solar assets worldwide through our partnership with Acciona and KKR investments in the US and Canada.”

Jon Riberas, president of Gestamp Renewables, said the firm is evaluating its options for Gestamp Wind.

KKR’s Infrastructure Fund II is also taking a majority stake in fibre-optic company Deutsche Glasfaser. The stake is being sold by Dutch investment firm, Reggeborgh.

The two companies will provide DG with long-term growth capital, with €450m to be invested in the further roll-out of the German fibre optics infrastructure over the next few years.

Olmos said: “Deutsche Glasfaser is a blueprint for the type of investments our infrastructure fund is targeting in Europe.”