KKR announced the purchase of a majority equity stake in Avantus through investment funds and accounts managed by KKR. Avantus has secured a $522 million development facility by KKR Capital Markets and Sumitomo Mitsui Banking Corporation (SMBC). With this transaction, KKR and EIG are now the sole equity investors in Avantus.
Furthermore, the facility offers Avantus financial support to drive its growth and advance its development projects. The funds will be used to accelerate the expansion of the Avantus pipeline and cover essential activities, such as security postings for power purchase agreements, interconnection agreements, and procurement deposits.
In June 2024, KKR and IGNIS launched IGNIS P2X, investing up to €400 million to develop green hydrogen, ammonia, and other sustainable fuels. The platform is anticipated to manage 20 GW of P2X projects and over 10 GW of renewable energy projects with an aim to decarbonize hard-to-abate sectors.
