Crossover Energy Partners Teams Up with KKR for Clean Energy Projects

Crossover Energy Partners works exclusively as the energy transition solutions partner for KKR. Yesterday the firm that supports renewable energy projects, has announced an exclusive partnership with the leading global investment firm, KKR.

Working as the exclusive energy transition solutions partner for KKR, Crossover will oversee the origination, development, financing, construction, and long-term operation of clean energy projects in collaboration with KKR’s infrastructure team. Leveraging Crossover’s expertise in utility-scale, energy storage, and custom energy solutions, the relationship will focus on the origination of structured Power Purchase Agreements (PPAs), Tolling Agreements, Build-Transfer Agreements (BTAs), as well as offtake optimization, contract structuring, and pursuing new opportunities in rapidly expanding segments such as EV fleets and hydrogen.

Crossover Energy Partners’ mission is to support renewable energy initiatives and decarbonization goals for large energy users by designing cost-effective and innovative solutions tailored to their specific needs. The firm has contracted or developed over 10.5 GW of renewable energy and 11.7 GWh of energy storage products over the last three years.

Speaking on the partnership, CEO of Crossover Energy, Mr. Sabino Dias stated, “Our exclusive relationship with KKR will give us an unrivaled ability to execute on that commitment, creating customized energy transition solutions for our customers.”

KKR has been an active investor in renewables investing over the last ten years, deploying more than USD 4.7 billion in renewable assets at a combined enterprise value exceeding USD 19.5 billion, with a power generation capacity of 12.5 GW. Over the past 12 months, KKR’s infrastructure team has made several investments, and Virescent Infrastructure, a newly created platform to acquire renewable energy assets in India is one of them. It is the first renewable energy InvIT in India to be assigned a provisional “AAA” rating from CRISIL, and it is among the few infrastructure companies in India which have been assigned a “AAA” rating. Currently, KKR oversees approximately USD 28 billion in infrastructure.

“Through this relationship, our investors will get added value from distinctive asset sourcing, customized PPAs, technical expertise in storage and renewable energy, deep operational engagement, and active stakeholder management,” said Benoit Allehaut, managing director on KKR’s infrastructure team.

Recently in April, the United States president Joe Biden‘s administration has said it would back a national clean energy mandate to require the U.S. grid to get most of its power from emissions-free sources by 2030. Hence, private equity firms are making a new investment push into clean energy since Biden recommitted the US to the Paris climate accord.