Brookfield Preps €2 Billion X-Elio Stake Sale

• Brookfield eyes €2B-plus X-Elio stake sale, signaling surging investor appetite for solar and storage in one of Europe’s biggest renewables deals this year.

Brookfield Renewable Partners is preparing to sell a stake in X-Elio, its Spain-based solar and energy-storage platform, in a deal that could exceed €2 billion ($2.31 billion), Spain’s El Economista reported Friday, citing unnamed sources. The potential transaction would rank among Europe’s larger renewables deals this year, underscoring investor demand for solar and storage assets.

Brookfield is weighing options including a partial divestment or bringing in a new partner, with a formal process expected in the coming weeks, the report said. Terms, timing and the size of the stake remain undecided. El Economista did not cite any comment from Brookfield or X-Elio.

Who are likely bidders for X-Elio as Brookfield eyes €2B-plus stake sale?

- Global infrastructure funds: KKR Infrastructure, EQT, Macquarie’s Green Investment Group, Ardian, Antin—active in Iberian renewables platforms and comfortable with multi‑billion‑euro checks
- Large asset managers: BlackRock (Climate Infrastructure), Brookfield co-invest partners, Apollo, TPG Rise—seeking scaled solar+storage exposure in Europe
- Pension and insurance capital: CPP Investments, CDPQ, Ontario Teachers’ (via Cubico), PSP Investments, GIC, Allianz Capital Partners—long-duration return targets match contracted solar cash flows
- Sovereign wealth/strategic Gulf buyers: Masdar, ADIA, QIA, PIF—accelerating European clean‑energy build‑outs and JV models
- Energy majors pivoting to power: TotalEnergies, BP (via Lightsource bp), Shell, Repsol, Cepsa—buy-versus-build to expand Iberian solar and storage pipelines
- European utilities: RWE, Engie, Iberdrola, Acciona Energía, EDPR/EDP, Enel Green Power, Statkraft—consolidation plays to deepen Spain presence
- Dedicated renewables platforms: Copenhagen Infrastructure Partners (CIP), NextEnergy Capital, DIF Capital Partners, Glennmont Partners—platform acquisitions to scale gigawatt pipelines
- Spanish/European infra specialists: Asterion Industrial Partners, Plenium Partners, Finerge owners—local expertise and appetite for development-to-operate portfolios
- Abu Dhabi-linked combos: TAQA/Mubadala/Masdar—active across Iberian energy with capacity for large minority or control stakes
- German yield-style buyers: ERG, Encavis—bolt-on growth via operating solar fleets in core EU markets
- North American strategics: AES, Nextera (selective in Europe)—potential if storage pipeline is material
- Asian long-term investors: Temasek, SMBC/ORIX, Mitsui—co-invest structures alongside a lead GP
- Utilities with storage focus: Fluence-aligned owners, Iberian grid‑integrators—interested if BESS share is significant
- Consortium bids mixing infra funds and strategics—common for de-risking large platform purchases
- Existing X-Elio partners or lenders with ROFR/co-invest rights—could step up to anchor a process