Investors Power

Renewables in the U.S. to get push with KKR and Crossover partnership

KKR Renewables

Renewables in the United States will have a further push, as companies KKR and Crossover are teaming up to develop projects across North America; companies said on Wednesday and Reuters reported.

Firstly, the partnership between KKR and Crossover Energy will be exclusive; with the aim to develop solar, wind and energy storage projects across North America. To do that, companies will make investments to also push president Joe Biden’s pledge to decarbonize the economy.

Secondly, particularly, Crossover will oversee the origination, development; also, financing, construction and long-term operation of clean energy projects; in collaboration with KKR’s infrastructure team.

Thirdly, the relationship will focus on the origination of structured Power Purchase Agreements (PPAs); Tolling Agreements, Build-Transfer Agreements (BTAs), as well as offtake optimization; also, contract structuring, and pursuing new opportunities in rapidly expanding segments, such as EV fleets and hydrogen.

On the other hand, no financial details of the partnership were disclosed; any investment figures or budget for the projects to come remained unknown. However, KKR has been an active investor in renewables since 2011.

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KKR, major renewables investor

In fact, over the last 10 years it has deployed more than $4.7 billion in renewable assets; at a combined enterprise value exceeding $19.5 billion; with a power generation capacity of 12.5 GW. Also, over the past 12 months, KKR’s infrastructure team has made a number of investments behind this theme globally; including recent investments in Caruna, Finland and the Philippines.

Moreover, about the relevance of the partnership, Benoit Allehaut, managing director on KKR’s infrastructure team, said. “Through this relationship, our investors will get added value from distinctive asset sourcing; customized PPAs, technical expertise in storage and renewable energy, deep operational engagement; and also active stakeholder management.”

He also added. “Energy storage is a game changer and it is revolutionizing the energy industry. To seize the moment, you need to work with people who understand how to tailor solutions with customers.”

Finally, Crossover CEO, Sabino Dias, concluded. “Our exclusive relationship with KKR will give us an unrivaled ability to execute on that commitment, creating customized energy transition solutions for our customers.”

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