KKR to provide Greenvolt with EUR 150 million capital boost

Greenvolt Group said its majority owner KKR fully subscribed to a EUR 150 million share capital increase. The transaction will especially support investments in battery storage.

In two tranches, KKR will increase the capital of its subsidiary Greenvolt by EUR 150 million. The injection is particularly aimed for the segment of utility-scale battery energy storage systems. The transaction reflects continued confidence in Greenvolt’s execution capabilities and long-term growth potential, the statement adds.

The update revealed the first phase of the capital increase, totaling EUR 100 million, would be completed in the coming days, and that the rest is expected to be completed by September 30. The Portuguese firm’s core business segments are sustainable biomass, utility scale, and distributed generation.

Greenvolt sold renewable energy assets for EUR 528.3 million in the first half of the year

It tends to sell 70% to 80% of its large-scale projects at the ready-to-build (RtB) or commercial operation date (COD) phases. Greenvolt said two months ago that it held a 13.2 GW pipeline across 18 countries, aiming to bring at least 5.3 GW to RTB by the end of the year. The renewable energy company has a probability-weighted pipeline of 4.3 GW in BESS across nine countries, with projects under construction in Poland, the United Kingdom and Hungary.

Greenvolt said its asset rotation sales in the first half of the year reinforced its capacity to finance the next investment cycle in Europe, North America and Asia.

“This capital increase is part of the path we’ve been building alongside our shareholder and once again demonstrates its commitment to Greenvolt’s strategy,” Chief Executive Officer João Manso Neto stated.

In early June, the company said it has agreed to sell a 231 MW portfolio of wind and solar projects in Spain, through its partnership with Green Mind Ventures, to Transiziona. The deal was worth EUR 195 million. Earlier this year, Greenvolt divested of EUR 333.3 million worth of utility-scale assets in Poland, mostly wind power.

Of note, Greenvolt has won support for its Ialomița Nord wind power project in Romania at the government’s first wind and solar power auction, through a contract for difference (CfD).