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
ACXIF data by YCharts
The transaction is expected to close at the end of the year.