KKRone of the leading global investment companies, and IGNISone of the leading integrated companies in the international renewable energy field based in Spain, announced this Tuesday an agreement to launch IGNIS P2Xa new Power-to-X (P2X) platform to mainly develop green hydrogen and ammonia projects for industrial applications in difficult to decarbonize industrial sectors.
As part of the agreement, KKR will provide up to €400 million to develop and build future projects. KKR and IGNIS will own 50% of IGNIS P2X at startup, which will begin with a global portfolio of P2X and renewable projects.
As a global developer and operator of renewable energy, IGNIS’ development portfolio includes more than 300 renewable projects in ten countries, in addition to managing 6.6 GW of energy assets for third parties, making the company the largest independent manager. of energy in Spain.
Different technologies and projects
IGNIS P2X will develop green hydrogen, ammonia, e-methanol, e-fuels and SAF production plants that will serve leading companies in their sectors such as refining, steel, chemicals and fertilizers, among others. Likewise, the platform will develop traditional renewable projects, mainly wind and solar, associated with hydrogen and ammonia.
These projects will be located near large industrial complexes, to provide essential technology to reduce carbon emissions from sectors that are difficult to decarbonize. The platform includes a portfolio of approximately 20 GW in P2X projects in Spain and other countries, as well as more than 10 GW of renewable energies in various phases of development around the world, which will be developed by a team specialized in P2X technology.
A historic alliance
Ryan Miller, managing director of KKR’s European Infrastructure team, has pointed out that “IGNIS is a leading renewable energy company in Spain, with an industrial mentality, a differentiated P2X project portfolio and an experienced management team. We believe that this platform will play a fundamental role in the decarbonization of the industry both in Spain and internationally, taking advantage of the favorable moment in regulatory matters and its solid industrial integration with leading companies. “We are delighted to be working with Antonio Sieira and his management team on this path towards a greener global economy.”
Antonio Sieira, CEO of IGNIS, He added that “this agreement is an important milestone for IGNIS. KKR offers us strong support for the development work we have done at IGNIS around P2X projects. We are extremely pleased to have such a globally recognized partner at our side. Its financial vision, highly qualified team and leadership in the energy transition are extraordinary assets for the development of a business as strategic as P2X projects. Additionally, IGNIS will continue to focus its strategy on the integration of the value chain of the renewable sector and on projects for energy-intensive industrial consumers.”
KKR’s commitment to clean energy
With more than 15 years of experience in infrastructure investment, KKR has extensive knowledge in the field of renewable energy and investments related to the energy transition and has invested more than $21 billion in this sector through its infrastructure strategy. This investment is the third under KKR’s global energy transition strategy, which was launched in 2023 under the co-leadership of KKR partners Emmanuel Lagarrigue and Charlie Gailliot, to invest in solutions that support the transition to a low carbon economy.
In September 2023, KKR invested in Zenobē, a UK market leader in battery storage and transport electrification solutions. In March 2024, KKR invested in Avantus, a US developer of large utility solar and solar with storage projects.
