Market Overview

KKR Expands Renewable Energy Portfolio through Investment with NextEra Energy Partners


KKR today announced the signing of a definitive agreement with NextEra
Energy Partners, LP (NYSE:NEP) to acquire an equity interest
in a newly-formed partnership with NEP that owns a geographically
diverse portfolio of ten utility scale wind and solar projects across
the United States, collectively consisting of approximately 1,192

"We're excited to partner with NextEra, a world class renewable energy
developer and operator, on this portfolio of high quality contracted
wind and solar assets," said Brandon Freiman, Member of KKR and Head of
the Firm's Infrastructure business in the Americas. "This diverse
portfolio of ten fully-operational renewable energy projects, all of
which benefit from long-term contracts with investment grade customers,
is an excellent addition to our portfolio."

KKR has a track-record of investing in renewable energy, with
significant capital deployed in renewable assets including more than 4
GW of installed renewable capacity. KKR invests in infrastructure assets
on a global basis, with $12.6 billion in assets under management within
its Infrastructure strategy.

KKR's investment will be in the form of an equity interest in a
newly-formed structured partnership with NEP in which NEP has certain
rights to acquire KKR's interest over time at pre-determined return
levels between 3.5 and 7.0 years after the formation of the partnership.
KKR's share of partnership cash flows increases to 99% in the event that
such call options are not exercised within certain milestones. KKR's
$900 million investment will be funded via a mix of new term loan
financing and equity from its third Global Infrastructure Investors
fund, which closed in September 2018 with $7.4 billion in commitments.

About KKR

KKR is a leading global investment firm that manages multiple
alternative asset classes, including private equity, energy,
infrastructure, real estate and credit, with strategic partners that
manage hedge funds. KKR aims to generate attractive investment returns
for its fund investors by following a patient and disciplined investment
approach, employing world-class people, and driving growth and value
creation with KKR portfolio companies. KKR invests its own capital
alongside the capital it manages for fund investors and provides
financing solutions and investment opportunities through its capital
markets business. References to KKR's investments may include the
activities of its sponsored funds. For additional information about KKR
& Co. Inc. (NYSE:KKR), please visit KKR's website at
and on Twitter @KKR_Co.

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