The US-headquartered global investment firm will take its stake in Acciona Energía International (AEI) using money from its global infrastructure fund. Acciona will retain the remaining two thirds of the division.
AEI operates Acciona's renewable projects outside Spain — a total of 2.3GW worldwide, most of which is made up of wind capacity.
The deal is expected to be completed by the end of the year.
The companies will be working together to obtain an international IPO through a yieldco vehicle, which will include some, if not all, of AEIs's assets.
KKR's first European renewable energy investment was in 2011, when it teamed up with Italian energy group Sorgenia to develop wind sites in France. Talks are currently under way for Sorgenia to sell those projects.
KKR is possibly best known for its leveraged buyout of RJR Nabisco in the 1980s, which was the subject of the book and film "Barbarians at the Gate".
Acciona manufactures wind turbines and develops sites in 18 countries across five continents.