Buyout firm KKR & Co. Inc. said on June 29 it would exclusively partner with renewable energy consultant Crossover Energy Partners to develop solar and wind power projects and energy storage systems in North America.

Private equity firms are making a new investment push into clean energy after President Joe Biden’s administration recommitted the U.S. to the Paris climate accord. KKR has been a significant investor in renewable energy since 2011.

In April, the White House said it would back a national clean energy mandate to require the U.S. grid to get most of its power from emissions-free sources by 2030, in line with Biden’s pledge to cut greenhouse-gas emissions in half across the American economy in the next decade.

KKR said its infrastructure team, together with Crossover, will oversee the origination, development, financing, construction and operation of clean energy projects. The partnership will focus on securing power purchase, tolling, and build-transfer agreements from customers such as utilities, municipalities and industrial firms.

“Energy storage is a game-changer and it is revolutionizing the energy industry,” Benoit Allehaut, a KKR managing director focused on clean energy infrastructure, said in an interview. “To seize the moment, you need to work with people who understand how to tailor solutions with customers.”

KKR, which has $28 billion in infrastructure assets under management, said it has invested more than $4.7 billion in renewable energy companies across countries. These include Florida-based NextEra Energy Inc., one of the world’s largest wind and solar power firms, and Indian renewable energy platform Virescent Infrastructure.

KKR is currently raising a $12 billion flagship fund to acquire infrastructure assets from renewable energy projects to oil and gas pipelines, sources told Reuters earlier in March.

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