KKR and Energy Capital Partners have formed a $50 billion strategic relationship to develop data centers and power generation and renewable energy projects in the U.S., a joint news release said.
“Data center power demand is expected to grow by 160% by 2030, a demand that will go unmet without the right infrastructure in place, which is critical to boosting productivity, supporting electrification and helping countries create a competitive edge in AI,” said Joe Bae, KKR’s co-chief executive officer, in the news release citing a Goldman Sachs report.
"In order for the U.S. to maintain its advantage in AI, we will need massive new investments in power infrastructure on an accelerated basis that are capable of addressing concerns related to electricity prices and carbon emissions,” said Doug Kimmelman, ECP founder and senior partner.
KKR had $77 billion in infrastructure assets under management as of Sept. 30. ECP has $73 billion in AUM and has completed about 100 equity transactions, representing nearly $60 billions of enterprise value since its 2005 founding.