KKR and IGNIS Team Up to Power the Future with Green Hydrogen and Ammonia Platform in Spain

KKR, a leading global investment firm, and IGNIS, a premier integrated renewable energy group from Spain, have announced a partnership to launch IGNIS P2X, a new Power-to-X (P2X) platform. This initiative will primarily focus on developing green hydrogen and ammonia projects for industrial applications in hard-to-abate sectors. Under the joint venture agreement, KKR will invest up to €400 million to support the development and construction of future projects. Both KKR and IGNIS will each hold a 50% stake in IGNIS P2X, which will begin with a robust global pipeline of P2X and renewable projects.

As a prominent renewable energy developer and operator, IGNIS boasts a development portfolio of over 300 renewable projects across ten countries and manages approximately 6.6 GW of power assets for third parties, making it Spain's largest independent energy manager.

IGNIS P2X aims to develop production plants for green hydrogen, ammonia, e-methanol, e-fuels, and SAF, catering to major corporations in refining, steel, chemicals, and fertilizer sectors, among others. The platform will also focus on traditional renewables, particularly wind and solar, linked to hydrogen and ammonia projects. Projects will be strategically located near major off-takers, offering crucial enabling technology for the decarbonization of hard-to-abate sectors. The platform encompasses a robust pipeline of approximately 20 GW of Power-to-X (P2X) projects spanning Spain and other select countries, in addition to over 10 GW of advanced and early-stage renewable projects within Spain. Furthermore, the initiative includes additional global renewable projects, all of which will be developed by a specialized P2X team.

Ryan Miller, Managing Director in KKR’s European Infrastructure team, praised IGNIS as a leader in Spain's renewable energy sector, highlighting its industrial approach, unique P2X pipeline, and experienced management team. He emphasized the platform's pivotal role in decarbonizing heavy industry both in Spain and globally, supported by favorable regulatory environments and strong industrial partnerships with top-tier corporations. Miller expressed enthusiasm for collaborating with Antonio Sieira and the IGNIS management team to advance towards a greener global economy.

Antonio Sieira, CEO of IGNIS, stated that the agreement with KKR marks a significant milestone for IGNIS. He noted that KKR's support endorses IGNIS's P2X development efforts. Sieira expressed satisfaction in partnering with such a globally recognized entity, highlighting KKR's financial expertise, high-performing team, and leadership in energy transition as invaluable assets for P2X development.

Leveraging its 15+ years of experience in infrastructure investing, KKR boasts extensive expertise in the renewable energy and climate change sectors, having deployed over $21 billion in this area solely through its infrastructure platform. This investment marks the third initiative under KKR's global climate strategy, which was launched in 2023 and is co-led by Partners Emmanuel Lagarrigue and Charlie Gailliot.

 This strategy prioritizes large-scale solutions to expedite the transition to a low-carbon economy.