NEW YORK (TheStreet) -- KKR and Co. L.P (KKR), a private equity firm, has agreed to buy a one third stake in the energy business of Spain's Acciona SA (ACXIF) for $567 million as the two companies work to create one of the largest renewable energy portfolios in the world, Reuters reports.
Acciona is a conglomerate group dedicated to civil engineering, construction, and infrastructure.
As part of the deal the portfolio will include Acciona's renewable operating assets outside of Spain, which consist of wind farms and some solar plants, totaling 2.3 gigawatts spanning 14 countries including the U.S., Italy, and South Africa, Reuters added.
Must Read: Warren Buffett's 25 Favorite Stocks
The transaction is expected to close at the end of the year. ACXIF data by YCharts
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts