US buyout giant Kohlberg Kravis Roberts is wasting no time deploying its freshly raised $3.1 billion global infrastructure fund, announcing its second European deal in two days.

KKR has agreed to buy an 80% stake in Spanish photovoltaic plants operator Gestamp Asetym Solar from specialist components and construction company Gestamp Renewables in a deal that values the business at about $1 billion, according to a statement from the buyout firm on Tuesday.