KKR offloads X-Elio

• Brookfield Renewable is to assume 100% ownership of the Spain-headquartered solar as well as storage developer

Investment company KKR has consented to offer its 50% stake in Spain-based renewables designer X-Elio to its joint venture companion, Brookfield Renewable.

Complying with the purchase Brookfield Renewable will certainly own 100% of X-Elio.

KKR's original financial investment in X-Elio, in 2015, was made through KKR Global Infrastructure Financier Fund 2.

Brookfield Renewable will acquire the continuing to be stake in X-Elio as a follow-on financial investment through the same framework fund that made the original procurement.

Founded in 2005 and headquartered in Madrid, X-Elio specialises in the development, construction, financing and also operation of solar plants, storage as well as hydrogen projects worldwide.

Considering that KKR's original financial investment and also Brookfield's purchase of a 50% stake in 2019, X-Elio has actually benefited from over $2bn of financial investment, allowing significant development in the pipeline as well as boost in advancement pace.

X-Elio is anticipated to have 3GW of assets in operation, unfinished or ready-to-build by the end of 2023 throughout Spain, Italy, the United States, Australia, Japan as well as Latin America.

Additionally, X-Elio has more than 10GW of advanced near-term pipeline.

Ignacio Paz-Ares, Head of European Renewable Power as well as Shift Investments at Brookfield Renewable, stated: "X-Elio is a business we understand well following our initial financial investment and also we are enjoyed remain to sustain this leading international platform with considerable growth ahead.

" This transaction is really aligned with Brookfield's technique as a leading proprietor, operator as well as developer of renewables worldwide, driven by the amazing tailwinds for this sector."

Lluis Noguera, Chief Executive Officer of X-Elio, added: "Now, with the continued assistance from Brookfield, we remain in an optimum placement to continue expanding our solar and also storage service while tackling new possibilities in the energy transition space".