Private equity firm KKR will sell its 50% stake in renewable energy project developer X-Elio to its joint venture partner, Brookfield. With this operation, Brookfield becomes the sole owner of X-Elio, as announced by the companies involved on Tuesday. Brookfield Renovables will be in charge of acquiring the remaining stake in X-Elio through the same fund that made the original purchase, through the KKR Global Infrastructure Investor Fund II.
Since KKR’s initial investment in 2015 and Brookfield’s 50% entry in 2019.
X-Elio, in line with energy objectives
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.