KKR sells 50% stake in X-Elio to partner Brookfield

MADRID, 21 Mar.

KKR sells 50% stake in X-Elio to partner Brookfield


Private equity firm KKR has agreed to sell its 50% stake in renewable energy project developer X-Elio to its joint venture partner Brookfield, who will now hold 100% ownership. of X-Elio, as announced on Tuesday by the companies involved in the operation.

Since KKR's initial investment in 2015 and the entry to 50% of Brookfield in 2019, X-Elio has had an investment of 2,000 million dollars (1,870 million euros), which has allowed the growth of its project portfolio .

In this sense, since its foundation, X-Elio has developed and built a total of 3 gigawatts (GW) of renewable projects across five continents.

According to X-Elio's forecasts, the company expects to have 3 gigawatts (GW) of assets in operation, construction or in the 'ready to build' phase in Spain, Italy, the United States, Australia, Japan and Latin America.

Additionally, X-Elio has more than 10 gigawatts (GW) of projects under development at "advanced stage", which, combined with its "extensive experience in the development of renewable energy projects, positions it to capitalize on the growing global demand of solar and storage assets", the three companies involved in the operation underlined in a statement.

"With Brookfield's continued support, we are optimally positioned to continue growing our solar and storage business, while addressing new opportunities in the energy transition space," said X-Elio CEO Lluis noguera.

For its part, Brookfield Renovables will acquire the remaining stake in X-Elio through the same fund that made the original acquisition, through the KKR Global Infrastructure Investor Fund II.