The investment by the North American fund Kohlberg Kravis Roberts (KKR) in Greenvolt is good news for the Portuguese energy company, defended the company’s executive president.

The fund will be the sole subscriber of an issue worth 200 million euros of bonds that can be converted into shares in the energy company from the end of the third year if the listed company’s bonds reach 10 euros, allowing it to take a position of 12.5%.

“This investor is very good. It can bring financial support and new business opportunities”, said João Manso Neto in a call with analysts on Friday, highlighting that KKR is a “long-term investor”. “This is not just money, but a different partnership”.

With 500 megawatts ready to go, the manager pointed out that the Americans’ investment allows “to move faster”: “we want to be more ambitious”, he summarized.

Greenvolt has a pipeline of 6.7 gigawatts, with 2.9 gigawatts in an advanced state of development by the end of 2023.

“It’s a great long-term global investor, as we like. He has a lot of experience in the energy transition” and “will bring the cash necessary,” he added.

KKR will appoint a non-executive member to the board of Greenvolt which thus increases from 11 to 12 members.

“All major shareholders [da Greenvolt] agreed to this investment. The shareholders are very happy and KKR is very excited about the possibility of being with us”, highlighted Manso Neto.

These seven-year bonds have an annual interest rate of 4.75%, will be fully subscribed by the KKR fund and will not be admitted to trading on Euronext Lisbon. With the conversion, 20 million shares will be issued and KKR will hold 12.% of Greenvolt.

Since 2015, KKR has “invested more than $15 billion in equity instruments worldwide to invest in renewable assets such as solar and wind energy”.


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