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KKR and IGNIS Join Forces

28 Jun 2024

To Propel Green Hydrogen and Ammonia Technologies

June 28, 2024: In a groundbreaking partnership, global investment powerhouse KKR and Madrid-based renewable energy leader IGNIS have announced the launch of IGNIS P2X. This innovative platform aims to advance green hydrogen and ammonia projects, targeting hard-to-abate industrial sectors.


Strategic Joint Venture

  • Ownership: KKR and IGNIS will each hold a 50% stake in IGNIS P2X.

  • Investment: KKR commits up to EUR 400 million to develop and build future projects.

  • Pipeline: The platform will kick off with a robust global pipeline of P2X and renewable energy projects.


Key Highlights

IGNIS P2X Objectives

IGNIS P2X will focus on developing:

  • Green Hydrogen

  • Green Ammonia

  • E-Methanol

  • E-Fuels

  • Sustainable Aviation Fuel (SAF)

These projects aim to decarbonize sectors such as refining, steel, chemicals, and fertilizer production.


Strategic Locations

Projects will be strategically situated near large industrial off-takers to provide essential technology for decarbonizing heavy industries. The initiative includes:

  • 20 GW of P2X projects across Spain and other select countries

  • 10 GW of advanced and early-stage renewable projects in Spain and globally


Leadership Insights

Ryan Miller, Managing Director in KKR's European Infrastructure team, stated, "IGNIS is a leader in renewables in Spain, with an industrial mentality, differentiated P2X pipeline, and experienced management team. This platform will play a critical role in the decarbonization of heavy industry in Spain and internationally, driven by favorable regulatory tailwinds and its strong industrial integration with blue-chip corporates."


Antonio Sieira, CEO of IGNIS, added, "This agreement is an important milestone for IGNIS. KKR’s endorsement highlights the development work we have been doing around P2X. We are thrilled to have such a globally recognized partner alongside us. Their financial acumen, high-performing team, and leadership in the energy transition are invaluable assets for developing our strategic P2X business."


Global Renewable Footprint

IGNIS P2X will also focus on traditional renewables like wind and solar, which are integral to the hydrogen and ammonia projects. IGNIS, a global renewable developer and operator, manages over 6.6 GW of power assets and has a development portfolio of more than 300 renewable projects in ten countries.


KKR’s Commitment to Climate Strategy

With over 15 years of infrastructure investment experience, KKR has invested more than US$21 billion in renewable energy and climate-related sectors. This partnership with IGNIS marks the third major investment under KKR's global climate strategy, which aims to support the transition to a low-carbon economy. Previous investments include:

  • Zenobē: A UK-based leader in transport electrification and battery storage solutions.

  • Avantus: A US developer of large utility-scale solar and solar-plus-storage projects.


Conclusion

The partnership between KKR and IGNIS to launch IGNIS P2X signifies a major advancement in the renewable energy sector, particularly in green hydrogen and ammonia production. This strategic joint venture is set to play a pivotal role in decarbonizing heavy industries, propelling both companies to the forefront of the global energy transition.

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