Clean energy developer and producer Greenvolt announced today a €150 million (USD$171 million) share capital increase, fully subscribed by alternative asset and private equity investor KKR, aimed at supporting its growth, with a particular focus on its large-scale battery storage solutions.
Founded in 2021, Portugal-based Greenvolt was acquired by KKR in 2024 for €1.2 billion. The company operates in 20 geographies in Europe, North America, and Asia, in three core business areas, including Sustainable Biomass, with 7 power plants that produce energy from forest residues and urban waste wood; Utility-Scale, developing large-scale solar, wind and storage projects, and; Distributed Generation, providing solutions for the installation, maintenance, and financing of distributed solar PV projects.
According to Greenvolt, the capital increase follows the investment plan outlined at the time of the acquisition by KKR, to strengthen the company’s capacity to invest, particularly in the area of utility-scale battery energy storage systems (BESS). Greennvolt said that it is positioned as a European leader in BESS, with a probability-weighted pipeline of 4.3 GW across nine countries, and that it anticipates significant investments in BESS in the coming years.
The capital increase transaction will take place in two tranches, with the first €100 million phase in early August, followed by another €50 million by the end of September.
João Manso Neto, CEO of Greenvolt Group, said:
“This capital increase is part of the path we’ve been building alongside our shareholder and once again demonstrates its commitment to Greenvolt’s strategy. It gives us access to the financial resources needed to accelerate the execution capabilities we have consistently demonstrated and to further strengthen Greenvolt’s position as a key player in the energy transition.”
