KKR & Co. and InfraVia Capital Partners are among suitors competing to buy French renewable project developer Akuo Energy SAS, people with knowledge of the matter said.
(Bloomberg) — KKR & Co. and InfraVia Capital Partners are among suitors competing to buy French renewable project developer Akuo Energy SAS, people with knowledge of the matter said.
Antin Infrastructure Partners SA has also been pursuing the Paris-based company, according to the people, who asked not to be identified because the information is private. Akuo is now asking shortlisted bidders to prepare second-round offers, the people said.
Any deal could value Akuo at more than €3 billion ($3.2 billion), Bloomberg News reported in January. Other suitors may also emerge, the people said. Deliberations are ongoing and there’s no certainty they will result in a transaction.
Representatives for InfraVia and KKR declined to comment, while a spokesperson for Antin didn’t immediately respond to emailed queries. Akuo Chairman Eric Scotto said he neither confirms nor denies the information, declining to comment further.
Renewable energy assets around the globe are attracting continued interest from investors as governments introduce incentives and regulation to fight global warming. Russia’s war in Ukraine has also boosted the cost of fossil fuels, pushing European nations to accelerate their shift into cleaner energies.
At the same time, rises in interest rates and the cost of panels and turbines have squeezed returns on some clean-power projects in recent months, prompting developers to revisit their expansion plans or seek new funding.
Large clean-power deals in France since the start of 2022 include the €2.5 billion acquisition of Reden Solar SAS by a consortium led by Macquarie Group Ltd., as well as Ardian SAS’s purchase of a 75% stake in GreenYellow SAS valuing the clean-power firm at €1.4 billion.
Akuo has 1.5 gigawatts of renewable energy capacity in operation or under construction, according to its website.
Read More: EU Gets Landmark Deal to Bolster Carbon Market in Green Push
–With assistance from Alexandre Rajbhandari.
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