KKR-backed ContourGlobal targets British renewables

By Francesca Landini

MILAN, Oct 23 (Reuters) - KKR's ContourGlobal plans to enter Britain's renewable energy market as the power producer pursues a streamlining strategy that will see it exit other countries in its portfolio.

ContourGlobal, founded in 2005 and listed in London in 2017, became fully owned by U.S. fund KKR KKR.N in 2022.

"We want to simplify the company by reducing its footprint from the current 17 countries to around 10," President and CEO Antonello Cammisecra told Reuters on the sidelines of an event to present the group's new logo.

Cammisecra said ContourGlobal aims to install several hundred megawatts of renewable capacity in Britain by 2030, adding: "We may not enter the country through acquisitions. We could invest in mature projects."

Since he was appointed in February 2024, ContourGlobal has accelerated its transformation into a predominantly renewable independent power producer by reducing coal power generation and investing in battery, solar and wind.

ContourGlobal is also more positive about Spain, where battery development is helping mitigate price volatility and grid congestion.

In Greece, it has acquired projects and is advancing a battery initiative that could begin construction in early 2026, while in the United States, it is considering shifting focus from gas to batteries.

Outside Europe and the U.S., ContourGlobal is targeting South America, particularly Chile, where it has acquired a large solar and battery project.

It aims to reach 70% renewable generation and 30% gas by 2030, from its existing 35% and 65% split.

This year, ContourGlobal expects to build a 3 gigawatt-hour battery system and for more than 650 megawatts of new solar projects to come online.