KKR, IGNIS announce partnership to develop green hydrogen, ammonia and other green technologies in Spain and internationally
KKR, a leading global investment firm, and IGNIS, a leading integrated global renewable group based in Spain, today announce an agreement to launch IGNIS P2X, a new Power-to-X (P2X) platform to develop primarily green hydrogen and ammonia projects for industrial applications in hard-to-abate sectors. As part of the joint venture agreement, KKR will provide up to €400 million to develop and build future projects. KKR and IGNIS will own 50% each of IGNIS P2X when launched, which will start with a global pipeline of P2X and renewable projects.
As a global renewable developer and operator, IGNIS’ development portfolio includes more than 300 renewable projects in ten countries, while also managing around 6.6 GW of power assets for third parties as the largest independent energy manager in Spain.
IGNIS P2X will develop green hydrogen, ammonia, e-methanol, e-fuels and SAF production plants serving blue chip corporates active in refining, steel, chemicals, fertiliser, among other sectors, as well as traditional renewables, largely wind and solar, associated with the hydrogen and ammonia projects. Projects will be located near large off-takers, providing a critical enabling technology for the decarbonisation of hard-to-abate sectors. The platform includes a pipeline of around 20 GW of P2X projects across Spain and other selected countries, as well as more than 10 GW of advanced and early-stage renewables in Spain and additional renewable projects globally, to be developed by a dedicated P2X team.
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