KKR has agreed to sell its 50 percent stake in X-ELIO, a global renewable developer, to its joint venture partner, Brookfield Renewable. Financial terms were not disclosed.
Headquartered in Madrid, X-ELIO specializes in the development, construction, financing and operation of solar photovoltaic plants, storage and hydrogen projects. X-ELIO has built a strong presence across the top solar geographies in the world and is expected to have 3 gigawatts of assets in operation, under construction or ready to build by the end of 2023 across Spain, Italy, the United States, Australia, Japan and Latin America. The company also has an advanced near-term pipeline of more than 10 gigawatts.
KKR originally invested in the company in 2015, and Brookfield acquired its first 50 percent stake in 2019. Since then, X-ELIO has benefited from more than $2 billion of investment, enabling significant growth in the pipeline and an increase in development pace. Following the transaction, Brook
