ContourGlobal, backed by KKR, targets British renewables

KKR ContourGlobal is planning to enter the renewable energy market in Britain as it pursues a strategy of streamlining that will see other countries removed from its portfolio.

ContourGlobal, founded 2005 and listed on the London Stock Exchange in 2017, was acquired by KKR Fund in 2022.

"We are simplifying the company and reducing the footprint of the group from 17 to 10 countries," said Antonello Cammisecra, President and CEO at an event to unveil the new logo for the group.

Cammisecra stated that ContourGlobal plans to install renewable energy capacity of several hundred megawatts in Britain by 2030. She added: "We might not enter the country via acquisitions." We could invest in mature project."

ContourGlobal, since his appointment in February 2024 has been accelerating its transformation to a predominantly independent renewable power producer. This was achieved by reducing the coal power generation, and investing in solar, wind and battery.

ContourGlobal also has a more positive view of Spain, where the development of batteries is helping to mitigate price volatility and grid congestion.

In Greece, the company has acquired projects, and it is working on a battery project that could start construction as early as 2026. Meanwhile, in the United States it is looking at shifting its focus from gas to batteries.

ContourGlobal's focus is on South America. It has a large project in Chile where it acquired solar and batteries.

By 2030, the country aims to achieve a 70% renewable generation and 30% of gas from its current 35% and 65%.

ContourGlobal is expecting to bring online a new 3 gigawatt battery system this year and more than 650 MW of solar power. (Reporting and editing by Francesca Landini)

(source: Reuters)