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.

April 9 (Renewables Now) - 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.

(EUR 1.0 = USD 1.13)

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Sladjana is the newest addition to the Renewables Now team. She has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry.

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