KKR has purchased a subsidiary of Clearway Energy Inc., also known as Clearway Community Energy for 1.9 billion.. The business consists of thermal infrastructure assets that provide steam and heated water in business, universities, hospitals and government customers.
This purchase will be made through KKR’s core infrastructure strategy established in 2008. The firm currently oversees $28 billion in assets and has made over 45 infrastructure investments.
“Clearway Community Energy is a leading platform delivering critical utility services across the U.S., and we are excited to be investing in its continued expansion, in particular through the development of renewable and carbon-neutral alternatives to help building owners achieve their sustainability goals,” said James Cunningham, partner at KKR.
BofA Securities and TD Securities served as financial advisors to the company and Gibson, Dunn & Crutcher LLP served as legal advisor. Morgan Stanley & Co. served as financial advisor to KKR and Kirkland & Ellis LLP served as legal advisor.