July 3 (Renewables Now) - Brookfield Renewable Partners LP (TSX: BEP.UN) has agreed to buy a combined 50% stake in Spanish solar developer and operator X-Elio for roughly USD 500 million (EUR 442.8m).
The renewables arm of Canada's Brookfield Asset Management Inc (TSE:BAM.A) said today that it will acquire a 20% interest in X-Elio from Acek along with a 30% stake from US private equity major KKR (NYSE:KKR). Following this move, the latter will operate X-Elio in a 50/50 joint venture with Brookfield Renewable.
"This investment allows us to grow our solar capabilities to include global solar development and offers another meaningful growth lever for our business," said Sachin Shah, CEO of Brookfield Renewable.
Based in Spain, X-Elio has 273 MW of operating solar power plants and a further 1,413 MW under construction. In addition, the company has a broader 4,800-MW development pipeline around the world, including in Spain, the US, Mexico, Chile and Japan.
The planned transaction is seen to close in the final quarter of 2019. After completion, Brookfield and KKR will hold joint governance of the board of the Spanish firm.
(USD 1 = EUR 0.89)