KKR Increases Renewable Power Presence With $2.2Billion Investment

To increase its foothold in renewable energy, KKR has agreed to buy ContourGlobal, a London-listed power generation company, for 1.75 billion pounds ($2.16 billion).

KKR will pay 263.6 pence per share of ContourGlobal in the acquisition announced on Tuesday. This is a 36 percent premium over the company's Monday closing price.

ContourGlobal, which owns and manages 138 thermal and renewable power plants across Europe, Latin America, North America, and Africa, will advise its shareholders to accept the offer, according to KKR.

The company will contribute to KKR's infrastructure initiatives, which include renewable energy and utilities. Transportation, water, and communication are all important factors.

"KKR believes it can support ContourGlobal ... which aims at a meaningful 40% reduction of CO2 emissions intensity by 2030, and to be net-zero carbon by 2050," the private-equity powerhouse said in a statement. 

KKR is a multinational investment corporation that specialises in alternative asset management, capital markets, and insurance.

We seek to achieve good investment returns as industrialist investors by taking a patient and disciplined approach, hiring high-quality people, adopting the greatest standards of excellence, and matching our objectives with those of our investment partners.