Global investment firm KKR is investing $1.4bn (€1.2bn) to acquire stakes in US wind and solar assets from NextEra Energy.
KKR will make the investment through its core infrastructure strategy, as well as with participation by Healthcare of Ontario Pension Plan, the CAAT Pension Plan and Finland’s Varma Mutual Pension Insurance Company.
KKR said it is buying a 50% stake in a 1,000MW portfolio from NextEra Energy Resources for $300m and has agreed a $1.1bn convertible equity portfolio financing agreement with NextEra Energy Partners for an interest in a 1,125 net MW portfolio.
KKR said it has also signed a preliminary agreement with NextEra Energy Partners to invest $900m in future renewable energy transactions to provide access to capital for future growth.
Brandon Freiman, KKR partner and head of North American infrastructure, said: “We have built a strong relationship with the NextEra Energy Partners team through our two prior transactions and we are proud to support the development of future clean energy projects while delivering attractive exposure for our investors to core infrastructure assets.”
KKR invests in Pinnacle Towers
KKR is investing an undisclosed amount in Pinnacle Towers to help Pinnacle expand its telecom infrastructure in the Philippines. Pinnacle specialises in undertaking build-to-suit telecom tower projects.
KKR said the investment, which is being made through its infrastructure fund, represents KKR’s second infrastructure investment in the Philippines and the firm’s fourth overall investment with a focus on the market.
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