M&A Deal Summary

KKR Acquires Cordia Energy

On May 2, 2022, private equity firm KKR acquired renewable energy company Cordia Energy from Clearway Energy for 1.9B USD

Acquisition Highlights
  • This is KKR’s 7th transaction in the Renewable Energy sector.
  • This is KKR’s 47th largest (disclosed) transaction.
  • This is KKR’s 183rd transaction in the United States.
  • This is KKR’s 2nd transaction in Arizona.

M&A Deal Summary

Date 2022-05-02
Target Cordia Energy
Sector Renewable Energy
Buyer(s) KKR
Sellers(s) Clearway Energy
Deal Type Divestiture
Deal Value 1.9B USD

Target

Cordia Energy

Phoenix, Arizona, United States
Cordia Energy consists of thermal infrastructure assets that provide steam, hot water, and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals, and governmental customers across the United States. Cordia Energy is based in Phoenix, Arizona.

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Buyer(S) 1

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 429 of 484
Sector (Renewable Energy) 7 of 12
Type (Divestiture) 47 of 53
State (Arizona) 2 of 2
Country (United States) 183 of 210
Year (2022) 9 of 27
Size (of disclosed) 47 of 104
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-28 Albioma

Paris, France

Albioma specializes in the design, construction and operation of low- and medium-power electrical cogeneration plants. Albioma was founded in 1982 and is based in Paris, France.

Buy €485M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-16 C.H.I. Overhead Doors

Arthur, Illinois, United States

C.H.I. Overhead Doors is a manufacturer and marketer of overhead garage doors in North America. The Company manufactures a complete portfolio of overhead sectional garage door products for both the residential and commercial markets, as well as rolling steel doors for commercial and industrial applications. C.H.I. Overhead Doors was founded in 1981 and is based in Arthur, Illinois.

Sell $3.0B

Seller(S) 1

SELLER

Clearway Energy

Princeton, New Jersey, United States

Category Company
Founded 2012
Sector Utilities
Employees61
Revenue 1.3B USD (2023)
DESCRIPTION

Clearway Energy is an owns and operator of 1,919 MW of generating capacity across 31 renewable power facilities, and has over 1,000 MW in development. Clearway Energy was founded in 2012 and is headquartered in Princeton, New Jersey.


DEAL STATS #
Overall 2 of 2
Sector (Renewable Energy) 2 of 2
Type (Divestiture) 2 of 2
State (Arizona) 1 of 1
Country (United States) 2 of 2
Year (2022) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-14 Clearway Energy - Portfolio of Residential Solar Assets

Princeton, New Jersey, United States

Clearway Energy's Portfolio of Residential Solar Assets provides 53 megawatts (MW) of rooftop solar.

Sell -