Brookfield will acquire Acek’s 20% stake and 30% of KKR’s stake in X-Elio for an amount of $500m (£397m)
Image: Brookfield Renewable Partner to acquire stake in X-Elio. Photo: Courtesy of X-ELIO.
Brookfield Renewable Partners has agreed to form a joint venture with KKR to own the solar power company X-Elio.
The joint venture of Brookfield Renewable Partners and KKR will hold joint governance of the X-Elio board. Brookfield will acquire Acek’s 20% stake and 30% of KKR’s stake in X-Elio for an amount of $500m (£397m), as part of the deal.
The deal is subject to customary closing conditions and is expected to be closed in the fourth quarter of this year.
KKR, through its Global Infrastructure Investors II has acquired 80% in X-Elio in 2015. The remaining 20% was owned by Acek.
Brookfield Renewable Partners CEO Sachin Shah said: “We are delighted to be partnering with KKR through this transaction and are pleased that we share a vision for X-Elio’s strong prospects as a solar development leader.
“This is a unique opportunity to invest in a high-quality portfolio of operating assets including a near-term pipeline of construction assets with an experienced management team, integrated development platform and best-in-class contracting capabilities.
“This investment allows us to grow our solar capabilities to include global solar development and offers another meaningful growth lever for our business.”
Brookfield Renewable Partners is renewable power platform with a portfolio consisting of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia. The company has more than 17GW of installed capacity and an 8GW development pipeline.
X-Elio has a development pipeline 4.8GW solar projects
X-ELIO specialises in the development, construction, operation and maintenance of solar plants. The company is present in the US, the Middle East, Japan, South Africa, Latin America, Australia, Southeast Asia, Italy and Spain.
With 273MW of operating capacity, the Spanish independent solar developer has 1.4GW under construction and a broader 4.8GW in various development pipelines across Spain, the US, Mexico, Chile and Japan.
Currently, the company has 23 solar plants in operation in 13 countries.