KKR acquires Global Atlantic's qualifying 19 solar farms

KKR & Co. Inc. closed the purchase of a portfolio of solar facilities as part of its acquisition of the outstanding shares of Global Atlantic Financial Group Ltd.

Under the terms of the merger agreement, KKR paid shareholders of Global Atlantic an amount equal to 1.0x Global Atlantic's book value as of the date of closing, subject to an equity rollover for certain existing shareholders. Global Atlantic's book value was approximately $4.4 billion as of March 31.

The solar farms in the transaction (EC20-83) are the 60-MW Five Points Solar Park in Fresno County, Calif.; the 58-MW Tanglewood Solar Project in Mitchell County, Ga.; the 100-MW Techren Solar I, 200-MW Techren Solar II, 25-MW Techren Solar III, 25-MW Techren Solar IV and 50-MW Techren Solar V in Clark County, Nev.; the 80-MW Sweetwater Solar Project in Wyoming; the 80-MW Grand View PV Solar Two in Elmore County, Idaho; the 80-MW Three Peaks Power in Iron County, Utah; the 200-MW Twiggs County Solar Project in Georgia; in Florida, the 52-MW Citrus Ridge Solar in Orange County, 42-MW FL 4 Solar in Leon County, and 20-MW FL Solar 1 in Tallahassee; the 20-MW Sunray 2 Solar Project and 13.8-MW Sunray 3 Solar Project in San Bernardino County, Calif.; the 32.5-MWdc Salome Solar Project in La Paz County, Ariz.; the 200-MW Wright Solar Park in Merced County, Calif.; and the 52-MW Mississippi Solar 3 in Lamar County, Miss.

The acquisition was completed Feb. 1, according to a Feb. 3 Federal Energy Regulatory Commission filing.

As part of the larger transaction, Global Atlantic and its subsidiaries will continue to operate as separate businesses, while KKR plans to serve as Global Atlantic's investment manager.