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KKR Pays $567 Million for Stake in Acciona’s Foreign Renewables

KKR & Co., the private-equity firm run by billionaires Henry Kravis and George Roberts, will buy a one-third stake in Acciona SA’s renewable-energy assets outside Spain for 417 million euros ($567 million).

The deal values Acciona Energia International, grouping assets in 14 nations, at 2.6 billion euros including 1.3 billion euros of debt, KKR and Acciona said in separate statements. The two companies will seek to hold an initial public offering through a so-called yield-co for all or part of AIE’s assets.

Acciona, an infrastructure developer with renewable-energy operations, has suffered in recent years as Spain cut subsidies on green projects to try to boost a stagnant economy and staunch financial losses in the power system. The Madrid-based company got 41 percent of its sales outside Spain in 2013, compared with 24 percent in 2009, according to data compiled by Bloomberg.

KKR’s Spanish investments include the Portaventura amusement park near Barcelona and T-Solar Global SA. The firm entered into a refinancing deal with steelmaker Grupo Alfonso Gallardo SL in April. It’s interested in investing in pools of loans from local banks, two people with knowledge of the matter said this month.

Yield-co businesses are becoming more common among energy companies and provide a division between units that develop new projects and those that own and operate completed assets and enjoy a lower cost of capital. This month, Abengoa SA, another Spanish company with renewable-energy operations, held an IPO for renewable assets under a yield-co vehicle.

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