KKR & Co. Inc. acquired a “significant” minority stake in Sol Systems LLC, according to a July 22 release, boosting the firm’s portfolio of renewable energy investments.

Sol Systems is a Washington, D.C.-based solar energy firm founded in 2008. To date, Sol has developed and/or financed over 1 gigawatts (GW) of solar projects valued at more than $1 billion for Fortune 100 companies, municipalities, counties, utilities, universities, and schools, providing services to nearly 17,000 customers across the U.S.

“Over the last decade, our guiding principles have been to do good work with good people, and do what’s right for the communities we work in,” commented Sol Co-founder and CEO Yuri Horwitz in the release.

Sol Systems will use the investment from KKR to scale the company’s “Impact + Infrastructure” approach, which, according to the release, pairs the development of solar projects with community investment, habitat restoration and job creation opportunities in communities across the U.S.

“In KKR, we have found an aligned organization and team that was excited to do this work with us, and is committed to accelerating and supporting our approach to investing in sustainable infrastructure with community impact,” Horwitz said.

Sol Systems and KKR also announced on July 22 a new strategic partnership in which KKR is committing up to $1 billion to acquire shovel-ready projects, helping fund Sol Systems’ development of contracted renewable energy and storage assets to meet the growing sustainability needs in North America.

“Looking ahead, we plan to dramatically scale the work we’re doing with our partners as we all transition to a more sustainable, resilient and equitable future,” added Horwitz.

KKR has been an active investor in renewables investing over the last decade, deploying more than $4.7 billion in renewable assets at a combined enterprise value exceeding $19.5 billion, with a power generation capacity of 12.5 GW.

“Sol Systems is a market-leading, integrated provider of truly differentiated sustainable energy solutions,” said Tim Short, managing director at KKR, in the release. “Yuri and his team embody an approach to responsible investment that very much aligns with our own, and one that we are proud to be investing behind.” 

“We look forward to helping grow the platform even further in response to the significant demand for thoughtful and customer-driven renewable energy offerings.”

KKR invests in Sol Systems through its Global Infrastructure Investors III fund. KKR first established its Global Infrastructure strategy in 2008 and has since been one of the most active infrastructure investors around the world with a team of more than 50 dedicated investment professionals, the release said.