KKR to buy 80% of Gestamp Solar, values target at USD 1bn
Solar park in Spain. Author: Som Energia Cooperativa. License: Creative Commons. Attribution 2.0 Generic
US investor KKR & Co LP (NYSE:KKR) will acquire an 80% stake in Gestamp Asetym Solar SL from Spain’s Gestamp Renewables in a deal that values the entire solar power business at about USD 1 billion (EUR 924m).
Gestamp Solar is a developer and operator of photovoltaic (PV) projects, with an objective to have up to 2.5 GW of installed capacity in operation by 2020. Currently it has 300 MW of PV projects in operation or under construction.
The targeted business will complement KKR’s existing presence in operational wind and solar assets around the world, commented Jesus Olmos, member and head of European Infrastructure at KKR.
The transaction is scheduled for completion by the end of the year, pending regulatory clearance and third-party consents. The US company’s investment will be funded by the USD-3.1-billion KKR Global Infrastructure Investors II fund.
Gestamp Renewables, which is part of Spanish metal automobile components maker Corporacion Gestamp, continues to consider options for its wind power arm as well, said Jon Riberas, the company’s president.