KKR Joins Hands with Crossover Energy Partners on Clean Energy Transition

Global investment firm KKR & Co. (KKR) has established an exclusive relationship with Crossover Energy Partners to support its deep decarbonization of the utility and industrial energy market.

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Crossover offers cost-effective and innovative solutions for renewable energy initiatives and decarbonization goals for large users of energy. It serves a diverse group of customers including utilities, municipalities, co-ops, community choice aggregations, investor-owned utilities, and large industrial entities.

Crossover will function as the exclusive energy transition solutions partner for KKR. This encompasses clean energy project origination, development, financing, construction, and long-term operation in sync with the infrastructure team of KKR.

Benoit Allehaut, Managing Director on KKR’s infrastructure team, said, “Through this relationship, our investors will get added value from distinctive asset sourcing, customized PPAs, technical expertise in storage and renewable energy, deep operational engagement, and active stakeholder management.” (See KKR stock chart on TipRanks)

So far, KKR has deployed over $4.7 billion in renewable assets with a power generation capacity of 12.5 GW.

Recently, Evercore ISI analyst Glenn Schorr reiterated a Buy rating on the stock with a price target of $63 (6.3% upside potential).

Reacting to the company’s Q1 performance, Schorr said, “KKR raised $15 billion in Q and put $7 billion to work and we should look for a lot more of the same given their expectations to raise $100 billion over 2021 and 2022…There is a lot to like in the quarter and even more in the outlook over the next few years.”

Based on 8 Buys and 3 Holds, consensus on the Street is a Moderate Buy. The average KKR price target of $64 implies 8% upside potential. Shares are up 92% over the past year.