KKR Invests €150 Million in Greenvolt to Accelerate Battery Energy Storage Growth
Clean energy developer Greenvolt announced a €150 million (USD $171 million) share capital increase fully subscribed by KKR, aimed at accelerating growth in utility-scale battery energy storage systems. The investment forms part of the capital plan established when KKR acquired Greenvolt in 2024 for €1.2 billion.
Greenvolt operates in 20 geographies across Europe, North America and Asia in three business areas: Sustainable Biomass, with seven power plants producing energy from forest residues and urban waste wood; Utility-Scale, developing large-scale solar, wind and storage projects; and Distributed Generation, providing distributed solar PV installation, maintenance and financing. The company positions itself as a European leader in battery energy storage systems, with a probability-weighted pipeline of 4.3 GW of BESS projects across nine countries.
The capital increase will be executed in two tranches: a first €100 million phase in early August, followed by €50 million by the end of September. The investment is directed primarily at BESS rather than solar or wind generation, reflecting accelerating market demand for grid-scale storage to manage intermittent renewable output. European energy markets are increasingly dependent on storage to balance high shares of renewable capacity, and BESS deployment rates are expected to rise significantly through the late 2020s.
João Manso Neto, CEO of Greenvolt, described the capital increase as access to financial resources needed to accelerate execution capabilities and further strengthen the company's position as a key player in the energy transition. KKR's sustained investment in Greenvolt following the 2024 acquisition illustrates the growing attractiveness of clean energy infrastructure, particularly storage, to large private equity platforms building dedicated energy transition strategies. The transaction reinforces the broader trend of private capital flowing into battery storage assets across European energy markets.
Key figure — 4.3 GW probability-weighted BESS pipeline across nine European countries
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