KKR to sell remaining stake in global renewable developer X-ELIO to Brookfield Renewable

Representational image. Credit: Canva

Brookfield Renewable is set to acquire the remaining 50% stake in global renewable developer X-ELIO from KKR, as per a press release issued by the company. Following the acquisition, Brookfield Renewable will own 100% of X-ELIO. The Madrid-based X-ELIO specializes in the development, construction, financing and operation of solar PV plants, storage and hydrogen projects worldwide. X-ELIO has built or developed 3 GW of renewables projects in total across five continents since it was founded in 2005.


Brookfield Renewable, which operates one of the world’s largest publicly traded platforms for decarbonization technologies, will acquire the remaining stake in X-ELIO as a follow-on investment through the same flagship infrastructure fund that made the original acquisition. The transaction is subject to customary closing conditions and is expected to close during the second half of 2023.

X-ELIO is expected to have 3 GW 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 10 GW of advanced near-term pipeline, which combined with extensive in-house expertise in renewable project development, positions X-ELIO to capture growing global demand for high-quality solar and storage assets.

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Ignacio Paz-Ares, Head of European Renewable Power and Transition Investments at Brookfield Renewable, said, “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, “X-ELIO’s journey to become a leading developer with diversified global presence would not have been possible without our shareholders’ focus on execution and long-term value creation. 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.”

KKR’s original investment in X-ELIO was made via KKR Global Infrastructure Investor Fund II. KKR’s Tara Davies, Co-Head of European Infrastructure, said, “Since KKR’s initial investment eight years ago, we have helped X-ELIO transform into a global leader in sustainable energy development. As a firm, we have been a long-term investor behind the energy transition and we are focused on continuing to identify the right opportunities to support companies with the right resources, and seeking to play a leading role in this space.”

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