Brookfield acquires 50% stakes in X-Elio

Canadian asset manager Brookfield seals a deal with U.S. infrastructure fund KKR and Acek for the acquisition of a 50% stake in solar group X-Elio for roughly USD 500 million.

The transaction values the whole company, which builds and operates photovoltaic plants in the United States, Europe, Africa and Asia, at around EUR1.05 billion(US$1.17 billion) including debt.

Brookfield will acquire a 20%stake in X-Elio from Acek and a 30% stake from  KKR. After closing, which is expected in quarter 4, 2019, KKR will operate X-Elio in a 50/50 joint venture with Brookfield Renewable.

Most of X-Elio’s more than 78 solar plants and almost half its staff are located outside Spain The International Energy Agency has called for more investment globally in low-carbon energy, which was stable last year at about $620 billion. X-Elio portfolio features 273 MW of operating solar power plants, 1,413 MW under construction. The company also has 4,800-MW projects in development around the world, including in Spain, the US, Mexico, Chile and Japan.