AEI is the international renewable energy generation business of Acciona EnergÃa, which will retain a two-thirds stake in the unit.
AEI holds renewable energy assets comprising 2.3GW in 14 countries outside Spain, including the US, Mexico, Australia, Italy, Portugal and South Africa.
The majority of its energy portfolio consists of wind farms with a small number of solar power assets.
Both the firms said the investment will give the business an implied enterprise value of about €2.6bn, including €1.3bn in equity and €1.3bn in net debt.
The transaction is anticipated to be completed before the end of 2014.
Acciona and KKR plan to undertake an international initial public offering that would hold all or part of the assets of AEI.
Acciona chairman and CEO José Manuel Entrecanales said, "Our strategic alliance will broaden our international reach, and it will transform the scale of what we can achieve."
KKR infrastructure head in Europe and head of operations in Spain Jesús Olmos said, "Today’s announcement represents another important step in the growth and diversification of our global infrastructure platform, following earlier investments in onshore wind, solar, water utilities, district heating, locomotive leasing and parking, in Europe and the US."
Image: AEI holds renewable energy assets comprising 2.3GW in 14 countries outside Spain. Photo: Courtesy of ACCIONA S.A.
