KKR looking to sell 50% stake in Spanish solar firm X-Elio - report

US private equity firm KKR & Co Inc (NYSE:KKR) is looking to sell its 50% stake in Spanish solar energy developer X-Elio and has hired Citi and Nomura as advisors in the process, business newspaper Expansion reported on Friday citing unnamed sources.

The potential transaction could value X-Elio as a whole at EUR 800 million (USD 786.4m) and EUR 1.0 billion, and up to around EUR 1.5 billion if debt is included, the sources told the news outlet.

KKR is said to have completed its investment cycle in X-Elio. Citi and Nomura were engaged to find a new partner to take over KKR's 50%, Expansion reported.

Canada’s Brookfield Renewable Partners LP (TSX: BEP.UN) holds the other half in the solar business after acquiring its position in 2019. Since then, KKR and Brookfield have been operating X-Elio as a joint venture.

According to Expansion, Brookfield also has the right of first refusal.

X-Elio was founded as Gestamp Asetym Solar in 2005. Over the years, the company has built roughly 2,600 MW of solar farms around the world. Following asset sales, it now operates 838 MW of capacity in Spain, Chile, Mexico, Honduras, Peru, Puerto Rico and the US, according to 2022 figures on the X-Elio website.

(EUR 1.0 = USD 0.983)

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