Under the agreement, the two companies will equally share “IGNIS P2X,” the new power-to-X platform (P2X) that is planned to work in Spain and other locations across the globe.

IGNIS P2X will develop green hydrogen, ammonia, e-methanol, e-fuels and sustainable aviation fuels (SAF) production plants that serve industrial sectors and use traditional renewables.

The platform includes a pipeline of around 20GW of P2X projects across Spain and other selected countries, along with more than 10GW of advanced and early-stage renewables in Spain and additional renewable projects globally. Each project will be located near large off-takers.

“KKR is providing a strong endorsement of the development work we have been doing at IGNIS around P2X,” explained Antonio Sieira, IGNIS CEO. “Their financial acumen, high-performing team, as well as their leadership in energy transition, are an extraordinary asset for the development of such a strategic business as P2X.

“Additionally, IGNIS will continue to focus on its integration across the renewables value-chain and in projects for energy-intensive industries.”

IGNIS’ development portfolio includes more than 300 renewable projects across 10 countries, also boasting 6.6GW of power assets for third parties as the largest independent energy manager in Spain.

Ryan Miller, Managing Director of KKR’s European Infrastructure Team, said, “We believe this platform will play a critical role in the decarbonisation of heavy industry in Spain and internationally, driven by favourable regulatory tailwinds and its strong industrial integration with blue chip corporates.”

This investment represents KKR’s third for its global climate strategy, which it launched last year (2023). So far, the company has invested more than $21bn in the renewable energy sector from its infrastructure platform.