KKR, a global investment firm, and IGNIS, an integrated renewables group based in Spain, have announced the launch of IGNIS P2X, a new Power-to-X (P2X) platform. This initiative will focus on the development ofgreen hydrogen projects, ammonia and other green technologies for industrial applications in sectors that are difficult to decarbonize. KKR will invest up to 400 million euros to support these projects, owning 50% of the new entity alongside IGNIS. IGNIS P2X will start with a global pipeline of P2X and renewable projects. KKR had already considered a massive investment in green technologies with the acquisition of Encavis. IGNIS’s development portfolio includes over 300 renewable projects in ten countries, managing around 6.6 GW of energy assets for third parties, making it the largest independent energy manager in Spain.
A strategy for a global green economy
The IGNIS P2X platform will focus on the production of green hydrogen, ammonia, e-methanol, e-fuels and sustainable fuels for leading companies in the refining, steel, chemical and fertilizer industries. These projects will be located close to major consumers, providing essential technology for decarbonizing hard-to-shoot sectors. The pipeline includes around 20 GW of P2X projects in Spain and other selected countries, as well as over 10 GW of advanced and early-stage renewable projects in Spain and abroad. These projects will be developed by a dedicated P2X team.
Comments from KKR and IGNIS executives
Ryan Miller, Managing Director of KKR’s European Infrastructure team, said, “IGNIS is a leader in renewables in Spain, with an industrial mindset, a differentiated P2X pipeline and an experienced management team. We believe this platform will play a crucial role in the decarbonization of heavy industry in Spain and internationally.” Antonio Sieira, CEO of IGNIS, added: “This agreement is an important milestone for IGNIS. KKR provides a strong endorsement of the development work we have done around P2X. We are very pleased to have a globally recognized partner on our side.”
Expected impact of the IGNIS P2X platform
The creation of IGNIS P2X represents a significant step forward in the development of green technologies for industrial sectors that are difficult to decarbonize. Focusing on the production of green hydrogen and ammonia, the platform will provide sustainable solutions for industries such as refining, chemicals and steel, which are major contributors to carbon emissions. IGNIS P2X will facilitate the transition to a greener, more sustainable economy by developing projects strategically located close to major industrial consumers. This will effectively reduce carbon emissions in key sectors while supporting the growth of renewable energies.
