KKR invests €400m in Ignis to from Ignis P2X

KKR teams up with Spanish renewables developer Ignis to form Ignis P2X, which will focus on providing hydrogen and derivatives for ‘industrial applications in hard-to-abate sectors’

New York-based global investment firm KKR has agreed to form a 50-50 joint venture with Spanish renewables developer Ignis — backed by €400m ($428.5m) from the US investor — to develop and build green-hydrogen-based projects for “industrial applications in hard-to-abate sectors”.

The new “platform”, named Ignis P2X, “will develop green hydrogen, ammonia, e-methanol, e-fuels and SAF [sustainable aviation fuels] production plants serving blue chip corporates active in refining, steel, chemicals, fertiliser, among other sectors, as well as traditional renewables, largely wind and solar, associated with the hydrogen and ammonia projects”, said KKR.