KKR is investing in German energy services provider EGC through its infrastructure business as part of its climate strategy.
As part of the new partnership, EGC’s founding family and existing shareholders will retain a stake in the company and will continue to be actively involved in its management. ITG, an engineering services provider within the EGC group, is also part of the agreement.
Financial details were undisclosed.
KKR said the former Germany CEO of GETEC Group, Michael Lowak, will join EGC as chairman.
Ryan Miller, MD in KKR’s European infrastructure team, said: “To advance the energy transition in Germany at the necessary pace, we need creative solutions and long-term capital. We are seeing growing interest in contracting solutions and significant potential in what is still a very fragmented market.
“Together with the management team, we want to develop EGC into the leading decarbonisation partner for the real estate industry and drive forward the energy transition in Germany.”
EGC provides services across the energy and building technology value chain, including planning and development, financing, ownership and operation of heating and electricity infrastructure and energy supply.
Corinna Pitz and Dirk Pitz, members of EGC’s management, said: “The collaboration with KKR opens up completely new possibilities for us to further expand our strong market position and to develop our group of companies.
“In KKR, we have found a partner that shares both our strategic goals and our entrepreneurial approach.”
Lowak said: “EGC enables landlords to efficiently plan, implement and finance the decarbonisation of their properties. The company is thus making a significant contribution to both the real estate industry and the energy transition in Germany.”
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