KKR’s investment will be funded by the $3.1bn KKR Global Infrastructure Investors II fund.
Gestamp Solar develops and operates solar photovoltaic (PV) projects.
The company is planning to have about 2.5GW of installed capacity by 2020, growing from 300MW of PV projects currently in operation or under construction.
The company has projects in 18 countries including the US, India, the Middle East, Japan, South Africa, South America, Italy, and Spain.
The transaction is expected to be completed by the end of this year, pending regulatory approvals and third-party consents.
KKR member and head of European infrastructure Jésus Olmos said: "Gestamp Solar will be a key platform for KKR, developing utility scale solar PV on a global level and offers the opportunity to own development capabilities in solar PV complementary to our presence in operational wind and solar assets worldwide through our partnership with Acciona and KKR investments in the US and Canada."
Gestamp Renewables president Jon Riberas said: "We are very happy to announce this transaction which provides a solid platform to ensure the continuing success of our solar business. Meanwhile, we continue to evaluate our options for Gestamp Wind."
