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Abu Dhabi fund targets KKR's stake in Acciona Global Renewables - report

Source: Acciona S.A.

November 14 (Renewables Now) - The Abu Dhabi Investment Authority (ADIA) is among the parties negotiating the acquisition of KKR’s (NYSE:KKR) 33.3% stake in Acciona Global Renewables, Spanish newspaper Expansion reports.

Acciona Global Renewables, previously known as Acciona Energia International (AEI), holds the international renewable energy generation business of Acciona Energia. KKR acquired a one-third stake in AEI three years ago for EUR 397 million (USD 466.5m). At the time, the business had 2.3 GW of wind farms, with a small number of solar photovoltaic and thermal power plants, in 14 countries.

According to sources quoted by the daily, KKR now wants to sell its interest in the firm for at least EUR 600 million. El Economista reported last month that KKR had engaged investment bank Lazard to prepare the sale.

Expansion’s own sources have now said that the UAE-based sovereign wealth fund is well-positioned to buy the one-third interest. Insiders have also told the daily that ADIA had shown interest in AEI even before KKR bought the stake.

(EUR 1.0 = USD 1.175)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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