KKR and the Spanish energy company Ignis, which specialises in renewables and is owned by the UAE's Vortex Energy, have created a 50-50 joint platform from which they plan to promote green hydrogen, ammonia and other clean technology projects in Spain and other countries. The US fund will provide up to 400 million euros to develop and build these projects.

The platform has been named Ignis P2X due to its power-to-X (P2X) generation focus, as the process for converting energy into environmentally friendly products such as sustainable hydrogen and green ammonia is known. These materials will be used for several applications in industry that are difficult to decarbonise.

Industrial customer
Through Ignis P2X, the new partners will develop plants for the production of green hydrogen, ammonia, e-methanol, e-fuels and SAF (sustainable aviation fuel). These products will supply industries ranging from refining to steel, chemicals and fertilisers.

At the same time, the platform will also develop traditional renewable projects to power its P2X production. These will mainly be wind and photovoltaic projects located close to the large industrial complexes to which it will supply its fuels and other renewable products.

First projects
Ignis P2X is born with a silver spoon in its mouth, in the form of a portfolio of around 20 gigawatts in P2X projects in Spain and other countries, and being reinforced by more than 10 gigawatts of renewable energy in several stages of development. This portfolio will be developed by a team specialised in P2X technology.

The Managing director of KKR's European infrastructure team, Ryan Miller, explained, "We believe that this platform will play a key role in the decarbonisation of the industry both in Spain and internationally, taking advantage of the favourable regulatory momentum and its strong industrial integration with leading companies."

Ignis CEO Antonio Sieira said, "KKR provides strong support for the development work we have done at Ignis on P2X projects. We are very pleased to have such a globally recognised partner by our side. Its financial acumen, its highly qualified team and its leadership in the energy transition are extraordinary assets for the development of such a strategic business as P2X."

^{Photo: Ignis}