Investment firm KKR has agreed to sell its 50% stake in Spain-based renewables developer X-Elio to its joint venture partner, Brookfield Asset Management.
Following the transaction Brookfield will own 100% of X-Elio.
KKR’s original investment in X-Elio, in 2015, was made via KKR Global Infrastructure Investor Fund 2.
Brookfield will acquire the remaining stake in X-Elio as a follow-on investment through the same infrastructure fund that made the original acquisition.
Founded in 2005 and headquartered in Madrid, X-Elio specialises in the development, construction, financing and operation of solar plants, storage and hydrogen projects worldwide.
Since KKR’s original investment and Brookfield’s acquisition of a 50% stake in 2019, X-Elio has benefited from over $2bn of investment, enabling significant growth in the pipeline and increase in development pace.
X-Elio is expected to have 3GW of assets in operation, under construction or ready-to-build by the end of 2023 across Spain, Italy, the US, Australia, Japan and Latin America.
In addition, X-Elio has over 10GW of advanced near-term pipeline.
Ignacio Paz-Ares, Head of European Renewable Power and Transition Investments at Brookfield Asset Management, said: “X-Elio is a business we know well following our initial investment and we are thrilled to continue to support this leading global platform with significant growth ahead.
“This transaction is very aligned with Brookfield’s strategy as a leading owner, operator and developer of renewables worldwide, driven by the incredible tailwinds for this sector.”
Lluis Noguera, CEO of X-Elio, added: “Now, with the continued support from Brookfield, we are in an optimal position to continue growing our solar and storage business while tackling new opportunities in the energy transition space”.