At what enterprise value was Greenvolt acquired in 2024?

You can find the full valuation details of Greenvolt on mynth capital. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA.

What was the EV/EBITDA of Greenvolt when it was acquired by KKR?

The estimated EV/EBITDA multiple for Greenvolt is in the range of 15x - 25x. Join our community for free to access full valuation data and industry trends.

When was Greenvolt acquired by KKR?

Greenvolt was acquired by KKR in 2024.

What was the EBITDA of Greenvolt during the acquisition?

Greenvolt's EBITDA is estimated to be in the range of 50M - 100M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the Greenvolt acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the Greenvolt deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.reuters.com/markets/deals/us-fund-kkr-takeover-bid-portugals-greenvolt-secures-control-2023-12-21/

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11/2024

Greenvolt acquired by KKR

PORTUGAL Power Generation / Renewables / Solar / PV EV 1b - 4b EUR

Context

KKR announced a definitive tender offer to acquire control of Greenvolt – Energias Renováveis, S.A., a Portuguese independent power producer specializing in solar and wind assets. The bid represented KKR’s most recent foray into the European renewable sector, following a period of heightened investor interest in decarbonisation infrastructure. Greenvolt, founded in the early 2010s, has assembled a diversified portfolio of generation facilities across the Iberian Peninsula and has secured multiple power purchase agreements that underpin its cash‑flow stability. The transaction proceeded through the standard Portuguese tender‑offer framework, with regulatory clearance from the Comissão do Mercado de Valores Mobiliários (CMVM) and antitrust authorities expected prior to closing. From KKR’s perspective, the acquisition aligns with its broader strategic mandate to build a pan‑European platform of clean‑energy assets that can be leveraged for long‑term, inflation‑linked returns. The firm intends to integrate Greenvolt’s operational expertise, existing project pipeline, and established relationships with local utilities into its existing renewable portfolio, thereby achieving economies of scale in procurement, financing, and technology deployment. The transaction also satisfies KKR’s investment thesis of capturing value from the EU’s Green Deal incentives, as the combined entity will be positioned to participate in upcoming capacity auctions and to monetize ancillary services such as grid balancing and storage. Moreover, the deal enhances KKR’s ESG credentials by expanding its exposure to assets that generate zero‑carbon electricity. Post‑closing, KKR is expected to pursue a disciplined value‑creation plan that emphasizes asset optimisation, accelerated development of pipeline projects, and selective divestiture of non‑core holdings. Operational synergies will be realised through centralized procurement of turbines and EPC contracts, as well as through the deployment of a unified asset‑management platform that standardises performance monitoring across the fleet. The enlarged balance sheet will enable Greenvolt to secure lower‑cost capital for new builds, while the partnership with KKR’s global capital markets team is anticipated to broaden the company’s access to green financing instruments. Collectively, these initiatives should reinforce Greenvolt’s market leadership in Portugal and facilitate its expansion into adjacent European markets, thereby delivering sustainable shareholder value and contributing to regional decarbonisation targets.

Greenvolt, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN.

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

Target

Greenvolt Energias Renováveis S.A. is a vertically integrated Portuguese renewable‑energy producer founded in 2009. The company develops, finances, constructs and operates utility‑scale solar photovoltaic and on‑shore wind farms across the Iberian Peninsula, with a strategic focus on long‑term power purchase agreements (PPAs) with industrial customers, utilities and wholesale market participants. Its asset portfolio, exceeding several gigawatts of installed capacity, is managed through a centralized operations centre that leverages advanced SCADA, predictive‑maintenance analytics and grid‑balancing services. Greenvolt’s value proposition combines proprietary site‑selection methodology, in‑house engineering, EPC execution and post‑commissioning asset management, thereby reducing third‑party reliance and optimizing return on capital. The firm serves a diversified client base that includes multinational manufacturers, commercial real‑estate operators and national distribution system operators, delivering clean‑energy supply aligned with European decarbonisation targets. Historically, Greenvolt has expanded from an initial portfolio of small‑scale solar projects to a multi‑technology platform, entering the wind segment in 2018 and establishing a presence in Spain through cross‑border interconnections. Its corporate‑governance framework emphasizes ESG compliance, with certifications for sustainability reporting and participation in national renewable‑energy incentive schemes. The company’s geographical footprint comprises development pipelines in Portugal, Spain and emerging opportunities in North‑Africa, supported by a localised team of engineers, project managers and commercial specialists.

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REFERENCES

Valuation range: EV 1b - 4b EUR

EBITDA range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Greenvolt by KKR are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: greenvolt

Acquirer: kkr