{"id":4615,"date":"2024-03-20T20:53:23","date_gmt":"2024-03-20T20:53:23","guid":{"rendered":"https:\/\/dev.pixflex.com\/eig2\/?p=4615"},"modified":"2024-03-20T20:56:15","modified_gmt":"2024-03-20T20:56:15","slug":"kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states","status":"publish","type":"post","link":"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/","title":{"rendered":"KKR Invests in Avantus to Support Renewable Energy Deployment in the United States"},"content":{"rendered":"

Transaction Marks First U.S. Investment from KKR\u2019s Global Climate Strategy<\/em><\/p>\n

NEW YORK \u2013 Today, KKR, a leading global investment firm, announced the signing of a definitive agreement pursuant to which investment funds and accounts managed by KKR agreed to acquire a majority stake in Avantus, a premier U.S. developer of large utility-scale solar and solar-plus-storage projects. Following the close of the transaction, KKR and existing investor EIG, a leading institutional investor in the global energy and infrastructure sectors, will be the sole equity investors in Avantus. Both equity sponsors are dedicated to supporting the next phase of Avantus\u2019 growth, including having secured commitments for a substantial development financing facility alongside their equity commitments to the company, totaling upwards of $1 billion in the aggregate.<\/p>\n

Founded in 2009, Avantus supports solar and energy storage development throughout the project lifecycle \u2013 from selecting a project site through operations \u2013 and owns a large project pipeline of 30 GWp<\/sub> of solar and 94 GWh of battery storage, enough to provide 20 million people with clean, reliable power. The company has a substantial presence and track-record of successful development in the southwestern U.S. and California power markets, which are among the highest-quality markets for development in the U.S. Since its founding, Avantus has developed and sold 6.5 GWp<\/sub> and 6.3 GWh of solar and storage projects, respectively.<\/p>\n

Avantus is poised to benefit from material secular tailwinds supporting renewables development in the United States. According to BloombergNEF, global energy transition investment needs to almost triple from today\u2019s investment levels to align with global climate goals. Together, investment in renewable energy and power grids is expected to continue to draw the largest share of energy transition spending.[1]<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

\u201cTo support an economy-wide energy transition, there is a need to significantly expand renewable energy generation by 2050 and enable grid electrification. Because of these tailwinds, we see enormous opportunity for Avantus. The company\u2019s impressive team and development track record, coupled with its mature project pipeline, set it apart from other renewables developers,\u201d said Charlie Gailliot, Partner and Co-Head of Global Climate Strategy, KKR. \u201cWe are delighted to support Avantus in realizing its full potential.\u201d<\/p>\n

Cecilio Velasco, Managing Director in KKR\u2019s Infrastructure team, added, \u201cWe look forward to working with Avantus and EIG and leveraging KKR\u2019s substantial resources and operational expertise to accelerate the growth of the business. Today marks the beginning of a new era for the company, one that will help further the transition of the power sector through sustainable, clean energy solutions.\u201d<\/p>\n

Blair Thomas, EIG Chairman and CEO, said, \u201cEIG has been pleased to support Avantus since 2021, through capital solutions uniquely tailored to the company\u2019s needs and goals. Throughout our partnership, Avantus has maintained and extended its position as one of the leading and most innovative renewables developers in the United States, helping to spur the industry\u2019s rapid growth and expanding access to affordable, reliable and clean energy. We are excited to continue working with the Avantus team and are pleased to welcome KKR as we pursue the next phases of Avantus\u2019 growth and evolution.\u201d<\/p>\n

\u201cSolar is the fastest growing electricity source in the U.S.[2]<\/a>, and along with energy storage, will serve as the backbone of a modern electric grid that is clean, reliable and resilient,\u201d said Patrick Goff, Chief Financial Officer at Avantus. \u201cKKR\u2019s investment provides Avantus the financial backing and expertise to execute on our ambitious portfolio and lead the energy transition across the Western United States. We are thrilled to embark on this new chapter with KKR and EIG and continue our company\u2019s growth.\u201d<\/p>\n

Following the closing of the transaction, KKR will support Avantus in creating an equity ownership program to provide all employees the opportunity to participate in the benefits of ownership of the company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-management employees across more than 40 companies.<\/p>\n

With over 15 years of experience in infrastructure investing, KKR has deep expertise in renewable energy and climate-related investments and has invested more than $15 billion in this sector from its infrastructure platform alone. KKR is funding the investment from its global climate strategy, which is dedicated to investing in solutions at scale to support the transition to a low-carbon economy.<\/p>\n

Jefferies LLC acted as sole financial advisor to KKR. KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC) acted as the lead structuring agents and arrangers of a development financing facility for the Company. Scotiabank served as financial advisor to Avantus.<\/p>\n

About KKR<\/strong><\/p>\n

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR\u2019s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR\u2019s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR\u2019s website at www.kkr.com<\/a>. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group\u2019s website at www.globalatlantic.com<\/a>.<\/p>\n

About Avantus<\/strong><\/p>\n

Avantus is shaping the future by making reliable, low-cost clean energy a global reality. Our legacy of leadership in next generation solar energy includes developing one of the nation\u2019s largest solar clusters and one of the first projects to beat fossil fuel prices back in 2016. Today, we are expanding the boundaries of existing technologies to build one of the largest portfolios of solar plants with integrated storage, capable of providing 20 million people with affordable, zero-emission energy \u2013 day and night.<\/p>\n

For more information, please visit\u00a0www.avantus.com<\/a>, and follow Avantus on\u00a0LinkedIn<\/a>.<\/p>\n

About EIG
\n<\/strong>
\nEIG is a leading institutional investor in the global energy and infrastructure sectors with $22.9 billion under management as of December 31, 2023. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 41-year history, EIG has committed over $47.1 billion to the energy sector through over 405 projects or companies in 42 countries on six continents. EIG\u2019s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG\u2019s website at www.eigpartners.com.<\/p>\n

Media Contacts:<\/strong><\/p>\n

KKR<\/em><\/strong><\/p>\n

Liidia Liuksila
\n(212) 750-8300
\nmedia@kkr.com<\/a><\/p>\n

 <\/p>\n

Avantus<\/em><\/strong><\/p>\n

Katie Struble
\npress@avantus.com<\/a><\/p>\n

 <\/p>\n

EIG<\/em><\/strong><\/p>\n

FGS Global
\nKelly Kimberly \/ Brandon Messina
\n+1 212-687-8080
\nEIG@fgsglobal.com<\/a><\/p>\n

 <\/p>\n

[1]<\/a> BloombergNEF: Energy Transition Investment Trends 2024<\/span><\/br>[2]<\/a> U.S.<\/a> Solar Market Insight 2023 Year in Review<\/u><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Transaction Marks First U.S. Investment from KKR\u2019s Global Climate Strategy NEW YORK \u2013 Today, KKR, a leading global investment firm, announced the signing of a definitive agreement pursuant to which investment funds and accounts managed by KKR agreed to acquire a majority stake in Avantus, a premier U.S. developer of large utility-scale solar and solar-plus-storage […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4615","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\nKKR Invests in Avantus to Support Renewable Energy Deployment in the United States - EIG Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KKR Invests in Avantus to Support Renewable Energy Deployment in the United States - EIG Partners\" \/>\n<meta property=\"og:description\" content=\"Transaction Marks First U.S. Investment from KKR\u2019s Global Climate Strategy NEW YORK \u2013 Today, KKR, a leading global investment firm, announced the signing of a definitive agreement pursuant to which investment funds and accounts managed by KKR agreed to acquire a majority stake in Avantus, a premier U.S. developer of large utility-scale solar and solar-plus-storage […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/\" \/>\n<meta property=\"og:site_name\" content=\"EIG Partners\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-20T20:53:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-20T20:56:15+00:00\" \/>\n<meta name=\"author\" content=\"Miriam Oakley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Miriam Oakley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/\",\"url\":\"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/\",\"name\":\"KKR Invests in Avantus to Support Renewable Energy Deployment in the United States - EIG Partners\",\"isPartOf\":{\"@id\":\"https:\/\/dev.pixflex.com\/eig2\/#website\"},\"datePublished\":\"2024-03-20T20:53:23+00:00\",\"dateModified\":\"2024-03-20T20:56:15+00:00\",\"author\":{\"@id\":\"https:\/\/dev.pixflex.com\/eig2\/#\/schema\/person\/1c70028d7bf6f3493603aac2bb304eff\"},\"breadcrumb\":{\"@id\":\"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/dev.pixflex.com\/eig2\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"KKR Invests in Avantus to Support Renewable Energy Deployment in the United States\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/dev.pixflex.com\/eig2\/#website\",\"url\":\"https:\/\/dev.pixflex.com\/eig2\/\",\"name\":\"EIG Partners\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/dev.pixflex.com\/eig2\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/dev.pixflex.com\/eig2\/#\/schema\/person\/1c70028d7bf6f3493603aac2bb304eff\",\"name\":\"Miriam Oakley\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/dev.pixflex.com\/eig2\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/6290e22a672b25e424dbd17d37abca23?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/6290e22a672b25e424dbd17d37abca23?s=96&d=mm&r=g\",\"caption\":\"Miriam Oakley\"},\"sameAs\":[\"http:\/\/eigpartners.com\"],\"url\":\"https:\/\/dev.pixflex.com\/eig2\/author\/miriam-oakleyeigpartners-com\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"KKR Invests in Avantus to Support Renewable Energy Deployment in the United States - EIG Partners","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/","og_locale":"en_US","og_type":"article","og_title":"KKR Invests in Avantus to Support Renewable Energy Deployment in the United States - EIG Partners","og_description":"Transaction Marks First U.S. Investment from KKR\u2019s Global Climate Strategy NEW YORK \u2013 Today, KKR, a leading global investment firm, announced the signing of a definitive agreement pursuant to which investment funds and accounts managed by KKR agreed to acquire a majority stake in Avantus, a premier U.S. developer of large utility-scale solar and solar-plus-storage […]","og_url":"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/","og_site_name":"EIG Partners","article_published_time":"2024-03-20T20:53:23+00:00","article_modified_time":"2024-03-20T20:56:15+00:00","author":"Miriam Oakley","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Miriam Oakley","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/","url":"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/","name":"KKR Invests in Avantus to Support Renewable Energy Deployment in the United States - EIG Partners","isPartOf":{"@id":"https:\/\/dev.pixflex.com\/eig2\/#website"},"datePublished":"2024-03-20T20:53:23+00:00","dateModified":"2024-03-20T20:56:15+00:00","author":{"@id":"https:\/\/dev.pixflex.com\/eig2\/#\/schema\/person\/1c70028d7bf6f3493603aac2bb304eff"},"breadcrumb":{"@id":"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/dev.pixflex.com\/eig2\/kkr-invests-in-avantus-to-support-renewable-energy-deployment-in-the-united-states\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/dev.pixflex.com\/eig2\/"},{"@type":"ListItem","position":2,"name":"KKR Invests in Avantus to Support Renewable Energy Deployment in the United States"}]},{"@type":"WebSite","@id":"https:\/\/dev.pixflex.com\/eig2\/#website","url":"https:\/\/dev.pixflex.com\/eig2\/","name":"EIG Partners","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/dev.pixflex.com\/eig2\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/dev.pixflex.com\/eig2\/#\/schema\/person\/1c70028d7bf6f3493603aac2bb304eff","name":"Miriam Oakley","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/dev.pixflex.com\/eig2\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/6290e22a672b25e424dbd17d37abca23?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6290e22a672b25e424dbd17d37abca23?s=96&d=mm&r=g","caption":"Miriam Oakley"},"sameAs":["http:\/\/eigpartners.com"],"url":"https:\/\/dev.pixflex.com\/eig2\/author\/miriam-oakleyeigpartners-com\/"}]}},"_links":{"self":[{"href":"https:\/\/dev.pixflex.com\/eig2\/wp-json\/wp\/v2\/posts\/4615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.pixflex.com\/eig2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.pixflex.com\/eig2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.pixflex.com\/eig2\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.pixflex.com\/eig2\/wp-json\/wp\/v2\/comments?post=4615"}],"version-history":[{"count":11,"href":"https:\/\/dev.pixflex.com\/eig2\/wp-json\/wp\/v2\/posts\/4615\/revisions"}],"predecessor-version":[{"id":4626,"href":"https:\/\/dev.pixflex.com\/eig2\/wp-json\/wp\/v2\/posts\/4615\/revisions\/4626"}],"wp:attachment":[{"href":"https:\/\/dev.pixflex.com\/eig2\/wp-json\/wp\/v2\/media?parent=4615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.pixflex.com\/eig2\/wp-json\/wp\/v2\/categories?post=4615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.pixflex.com\/eig2\/wp-json\/wp\/v2\/tags?post=4615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}