KKR Partners with Ignis for Green Hydrogen and Ammonia Projects

The investment firm KKR and the energy company Ignis have announced a new platform to develop green hydrogen, ammonia, and other clean technologies projects both in Spain and internationally. The platform, named ‘Ignis P2X’, will primarily focus on developing green hydrogen and ammonia projects for difficult-to-decarbonize industrial sectors.

KKR will invest up to €400 million for the development and construction of future projects. The two companies will also have a 50% stake in ‘Ignis P2X’, which will begin with a global portfolio of ‘P2X’ and renewable projects.

As part of the agreement, Ignis, as a global renewable energy developer and operator, has a development portfolio that includes more than 300 renewable projects in ten countries and manages 6.6 gigawatts (GW) of energy assets for third parties.

‘ Ignis P2X’ will be dedicated to the development of green hydrogen, ammonia, e-methanol, e-fuels, and SAF production plants, serving leading companies in sectors such as refining, steel, chemicals, and fertilizers. The platform will develop traditional renewable projects, mainly wind and solar, associated with hydrogen and ammonia projects.

These projects will be located near large industrial complexes, providing essential technology to reduce carbon emissions in sectors that are difficult to decarbonize. The platform includes a portfolio of approximately 20 GW in ‘P2X’ projects in Spain and other countries, as well as more than 10 GW of renewable energies in various phases of development worldwide.

Ryan Miller, general director of KKR’s European infrastructure team, explained that this platform will play a “fundamental” role in the decarbonization of the industry both in Spain and internationally. Antonio Sieira, CEO of Ignis, has expressed his satisfaction at having “such a globally recognized partner” and highlighted that Ignis will continue to focus its strategy on the integration of the value chain of the renewable energy sector and on projects for energy-intensive industrial consumers.

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