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© saniphoto dreamstime.com Business | July 21, 2015

KKR buys 80% of solar PV developer

Investor firm KKR has reached a definitive agreement to acquire an 80% stake in solar PV developer and operator, Gestamp Asetym Solar from Gestamp Renewables.
The transaction values Gestamp Solar at a total enterprise value of around USD 1 billion. Both partners have committed to fully support Gestamp Solar´s ambitious strategic plan to have in operation up to 2.5GW of installed capacity by 2020.

“We feel that this alliance between a well-established industrial group like Corporación Gestamp and a leading global investor like KKR creates a winning formula for our respective companies,” said Jon Riberas, President of Gestamp Renewables. “We are very happy to announce this transaction which provides a solid platform to ensure the continuing success of our solar business. Meanwhile, we continue to evaluate our options for Gestamp Wind.”

Marc Lipschultz, Global Head of Energy and Infrastructure at KKR said, “Gestamp is another example of how KKR can bring capital and capability to meet the vast demands for infrastructure development around the world. KKR continues to actively invest across a broad spectrum of infrastructure from energy to telecom to water to transportation to meet critical needs and public policy objectives.”
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