KKR, Gestamp’s sale of X-Elio imminent as final bidders emerge - report
X-Elio solar power plant in Iwate. Source: www.x-elio.com.
The sale of Spain’s X-Elio, owned 80/20 by US private equity fund KKR (NYSE:KKR) and Spanish engineering company Gestamp (BME:GEST), has entered the final stage with bidders expected to submit their binding offers on Wednesday, according to a news report by Cinco Dias.
Bids are expected to circle the EUR-1.2-billion (USD 1.4bn) amount, while the winning company will most likely be announced after Easter, the Spanish business newspaper said.
The front-runner for the Spanish solar projects developer is the consortium formed by oil company Repsol SA (BME:REP) and Australia’s Macquarie Group Ltd (ASX:MQG), sources in the know told Cinco Dias. Once the consortium takes over X-Elio, Repsol will be in charge of the greenfield projects, while Macquarie will assume control over brownfield projects.
The Repsol/Macquarie partnership will likely face only one suitor tomorrow - Canadian asset manager Brookfield (TSE:BAM.A). Other high-profile competitors, Iberdrola SA (BME:IBE) and Japan’s Orix Group (TYO:8591), will not be presenting binding offers, sources have said.
X-Elio was founded in Spain in 2005 as Gestamp Asetym Solar. Currently, it has a PV portfolio of more than 650 MW and 41 solar parks in operation, according to X-Elio’s website.
Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.