US private equity firm KKR & Co has announced a significant partnership with Spanish renewables company Ignis to invest up to EUR 400 million (USD 429.2 million) in developing primarily green hydrogen and ammonia projects. This initiative marks a pivotal step in KKR's global climate strategy, launched in 2023.
The joint venture, named IGNIS P2X, will focus on Power-to-X (P2X) technologies, encompassing a robust pipeline of approximately 20 gigawatts (GW) across Spain and selected international markets. Additionally, it includes over 10 GW of advanced and early-stage renewable energy projects in Spain, with further renewable ventures globally.
According to a press statement, IGNIS P2X aims to establish facilities for green hydrogen, ammonia, e-methanol, e-fuels, and sustainable aviation fuel (SAF), catering to industries such as refining, steel, chemicals, and fertilizers.
“This partnership underscores our commitment to advancing sustainable energy solutions globally,” stated a spokesperson from KKR.
The joint entity will be equally owned by KKR and Ignis, leveraging Ignis's extensive experience since its inception in 2015, during which it has developed a portfolio exceeding 20 GW of renewable projects across Europe, the US, Latin America, and Asia.
KKR's latest investment in IGNIS P2X follows its recent ventures in UK-based fleet electrification and grid-scale battery storage with Zenobe, as well as solar and solar-plus-storage development in California with Avantus.
