US private equity firm KKR has secured an 80% stake in Spanish solar developer Gestamp Solar.
A subsidiary of Gestamp Renewables, Gestamp Solar has around 300MW of solar panel (PV) capacity under its belt in 18 countries. The company’s pipeline amounts to 2.2GW, with Gestamp Solar keen to increase this to 2.5GW of installed capacity by 2020.
To achieve this KKR has invested an undisclosed amount to secure 80% of Gestamp Solar, which has a total enterprise value – including debt and equity – of around $1billion.
The deal is expected to close before the end of 2015, subject to regulatory approvals, with Bank of America Merrill Lynch acting as financial advisor for Gestamp Solar.
Gestamp Renewables president Jon Riberas, said: “We feel that this alliance between a well-established industrial group like Corporacion Gestamp and a leading global investor like KKR creates a winning formula for our respective companies.”
Head of European infrastructure at KKR, Jesus Olmos, said: “Gestamp Solar will be a key platform for KKR, developing utility-scale solar PV on a global level and offers the opportunity to own development capabilities in solar PV complementary to our presence in operational wind and solar assets worldwide.”
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