Real assets fund manager Patrizia has participated in a €400m fundraising by KKR-backed global renewable energy company Greenvolt.
Patrizia, which invested through its infrastructure debt strategy, said it was the cornerstone and sole institutional lender in the facility raised by Greenvolt.
Greenvolt, initially set out to raise €350m but increased it to €400m due to strong investor interest. Two additional banks, including a new corporate lending partner, joined the facility, bringing the total number of international lenders to eight, Greenvolt said.
The amount contributed by Patrizia was not disclosed.
The financing will fuel Greenvolt’s growth, primarily supporting the expansion of its utility-scale business, which focuses on developing and operating onshore wind, solar photovoltaic and storage projects.
Alexander Waller, head of infrastructure debt at Patrizia, said: “We are delighted to have closed this investment in Greenvolt on behalf of our investors and supported KKR once again.
“The transaction offers low-risk access to the critically important and dynamic energy transition financing market, and we are pleased to have worked with partners who share a clear commitment to sustainability.”
Graham Matthews, Patrizia co-head of fund management and head of fund management for infrastructure, said: “As a sustainability-focused infrastructure investor, we recognise the importance of companies like Greenvolt in facilitating the energy transition.
“Our investment reflects our firm-wide sustainability strategy and reflects our ability to source and execute sustainable transactions with attractive, risk-adjusted returns for our investors.”
João Manso Neto, CEO of Greenvolt Group, said: “The financing is an important milestone for the company, being the first major financing since KKR acquired a controlling stake in the company earlier this year.
“We worked closely with the Patrizia team on structuring the transaction and are delighted to have their support as largest and sole institutional lender.”
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