KKR has led a structured investment in US renewables developer Arevia Power, with strategic participation by GCM Grosvenor, an alternative asset management solutions provider.
The investment will support Arevia’s “accelerated growth and development” of new solar and wind projects throughout the United States.
Founded in 2015, Arevia is a dedicated solar and wind project developer that originates, permits, and manages renewable energy projects through their lifecycle.
The developer is advancing a multi-GW portfolio of early-stage projects across the country.
The projects are “responsibly sited and aim to meet local and regional energy demand with a focus on mitigating environmental impacts and minimizing impacts to surrounding communities”.
Arevia’s founders, Mark Boyadjian and Ricardo Graf, have, between them, developed over 2GW of utility scale solar photovoltaic infrastructure.
In tandem with the investment, Arevia has executed a Responsible Contractor Policy (RCP) for its entire clean energy portfolio throughout the United States.
The RCP promotes a highly skilled workforce with a strong commitment to health and safety on the job, fair wages, and benefits, and future workforce development.
“Now is a critical time for the energy transition, and we are elated by this milestone that gives us the flexible capital needed and the right partners to expand our solar and wind project pipeline throughout the country in a thoughtful way.” said Boyadjian, Managing Partner at Arevia.
He added: “KKR is an outstanding new strategic partner with deep renewables and infrastructure experience, and GCM Grosvenor is an equally accomplished infrastructure investor who has also been particularly successful in investing in partnership with organised labour groups.
“Together, this platform investment and new relationship with two world-class investment firms will super-charge our development of clean energy solutions while delivering good-paying jobs and leading the way on responsible development.”
Since 2011, KKR and its subsidiaries have deployed over $15bn in equity to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of over 23GW, as of 31 December 2021.