Global investment firm KKR has invested an undisclosed sum in Arevia Power to help the US renewable energy firm develop new projects.
KKR said it has “led a significant structured investment” in Arevia, with ”strategic participation” by global alternative asset management solutions provider GCM Grosvenor.
KKR is making its investment in Arevia from its managed insurance accounts. The investment from GCM Grosvenor will come from its infrastructure practice.
Founded in 2015, Arevia is currently advancing a multi-gigawatt portfolio of early-stage projects across the US. The investment will help support Arevia’s growth and development of new solar and wind projects.
Mark Boyadjian, managing partner at Arevia Power, said: “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.
“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 labour 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.”
Samuel Mencoff, a director on KKR’s asset-based finance team, said: “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.
“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.”
Akhil Unni, managing director at GCM Grosvenor, said: “With our investment, we are helping Arevia pursue its mission to drive change by building large-scale renewable infrastructure projects.
“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.”
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