DNV GL, an independent energy experts and certification body, carried out a vendor’s technical due diligence on behalf of Kohlberg Kravis Roberts & Co. Partners LLP (KKR) for divestment purposes from a global portfolio of renewable energy assets, Acciona Energía Internacional, where KKR held a 33.33% stake and with Acciona S.A. as a majority shareholder.
The portfolio consists of 49 wind farms, two solar PV plants and one concentrated solar power plant, all in operation, located across eleven countries and totaling around 2.5 GW of installed capacity.
Acting as a technical advisor throughout the transaction phase, DNV GL’s team of experts ensured a quick and experienced assessment of the project’s risks and opportunities. The scope included the assessment and review of aspects such as energy production, technology, operation and maintenance arrangements, historical performance and remaining lifetime.
Following the due diligence process, the transaction was successfully closed in April 2020.
According to the International Renewable Energy Agency (IRENA), the landscape of renewable energy finance has evolved rapidly which means that more investment in renewables would reduce energy-related carbon emissions, a key element in efforts to limit global warming below 2°C as stabilized in the Paris Agreement.
The global energy transition requires a significant increase in renewable energy investment compared to current levels. Although renewable energy technology costs have been falling progressively, underlying market barriers and a perception of high risk still constrain the development and financing of renewable energy projects in many parts of the world.
“The energy finance sector is poised to change dramatically in the next few years, been able to be part of the evolution and the growth of the market is key to our team. Scale assignments like this reinforce our focus on helping to move the energy transition faster together and are highly responsive to policy changes”, said Andreas Schröter, Executive Vice President Central Europe and Latin America at DNV GL – Energy.