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France

France

KKR teams up with Sorgenia to develop French wind farms

FRANCE: Italian energy group Sorgenia has teamed up with global private equity firm Kohlberg Kravis Roberts (KKR) to invest in French wind projects.

The deal represents KKR's first investment in renewable energy in Europe.

The assets in the joint venture comprise 153MW of net operating capacity built by Sorgenia and 95MW permitted and in an advanced stage of development.

Sorgenia will manage the facilities and will continue to independently develop projects in France. It is targetting over 450MW of installed renewables capacity in Italy and France in 2016.

The deal is based on an enterprise value of approximately €236 million, including an earn-out of up to €8 million due when the authorised plant start operating.

Sorgenia, which is seeking to reduce its debts, expects to see cash inflows of around €60 million and an improvement in its net financial position of over €150 million as a result of the deal.

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