PE Deals

KKR to sell 50% stake in Spain’s X-ELIO to Brookfield

X-ELIO is a global renewable developer based in Madrid.

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  • Brookfield Renewable will own 100% of X-ELIO post the completion of the deal
  • KKR first invested in X-ELIO in 2015 and Brookfield acquired a 50% stake in the firm in 2019
  • Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management

KKR will sell its 50 percent stake in X-ELIO, a global renewable developer, to its joint venture partner Brookfield Renewable. No financial details of the transaction were disclosed.

X-ELIO is headquartered in Madrid, Spain.

Brookfield Renewable will own 100 percent of X-ELIO post the completion of the transaction.

“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,” said Ignacio Paz-Ares, head of European renewable power and transition investments at Brookfield Renewable.

KKR first invested in X-ELIO in 2015 and Brookfield acquired a 50 percent stake in the firm in 2019.

X-ELIO has benefited from over $2 billion of investment, enabling significant growth in the pipeline and increase in development pace since the investment from KKR and Brookfield, according to a release.

“Since KKR’s initial investment eight years ago, we have helped X-ELIO transform into a global leader in sustainable energy development,” said Tara Davies, co-head of European infrastructure at KKR.

Brookfield Renewable will acquire the remaining stake in X-ELIO via the same flagship infrastructure fund that made the original acquisition, the release added.

The transaction is expected to be completed during the second half of 2023, subject to customary closing conditions.

KKR is a global investment firm that offers alternative asset management as well as capital markets and insurance services. The firm is headquartered in New York.

Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a global alternative asset manager with around $800 billion of assets under management.