Global investment firm KKR is planning to invest up to $1bn (€846.4m) in renewable energy and storage assets in North America as part of a new partnership with Sol Systems.

KKR, through its Global Infrastructure Investors III fund, has made a “significant minority investment” in Sol Systems to help the US renewable energy solutions firm expand its impact-focused investment strategy.

The companies have also formed a new partnership in which KKR committing up to $1bn to buy “shovel-ready projects, helping fund Sol Systems’ development of contracted renewable energy and storage assets to meet the growing sustainability needs in North America”.

Yuri Horwitz, co-founder and CEO of Sol Systems, said: “In KKR, we have found an aligned organisation and team that was excited to do this work with us, and is committed to accelerating and supporting our approach to investing in sustainable infrastructure with community impact.

”Looking ahead, we plan to dramatically scale the work we’re doing with our partners as we all transition to a more sustainable, resilient and equitable future.”

Tim Short, managing director at KKR, said: “Sol Systems is a market-leading, integrated provider of truly differentiated sustainable energy solutions. Yuri and his team embody an approach to responsible investment that very much aligns with our own, and one that we are proud to be investing behind.

“We look forward to helping grow the platform even further in response to the significant demand for thoughtful and customer-driven renewable energy offerings.”

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