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KKR sells 50% stake in Spain’s X-elio to partner Brookfield
Global Banking & Finance Review®
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MADRID (Reuters) – U.S.-based buyout fund KKR has agreed to sell a 50% stake in Spanish renewable energy company X-elio to Canadian asset manager Brookfield, the two funds said on Tuesday.
MADRID (Reuters) – U.S.-based buyout fund KKR has agreed to sell a 50% stake in Spanish renewable energy company X-elio to Canadian asset manager Brookfield, the two funds said on Tuesday.
Brookfield already owns the other half of X-elio.
The funds said without disclosing transaction details.
KKR first invested in X-elio in 2015 and Brookfield did so in 2019, they said in a joint statement.
A Spanish newspaper last month reported that KKR was considering selling its stake in X-elio and a deal would value the company at 2.5 billion euros ($2.68 billion).
X-elio operates and builds renewable power infrastructure mainly in Spain, the United States and Latin America. It currently develops and operates renewable power plants with a combined capacity of 3 gigawatts.
With its sunny plains, fast-flowing rivers and windy hillsides, Spain is attracting many investors for renewable energy projects.
($1 = 0.9333 euros)
(Reporting by Inti Landauro and Joao Manuel Mauricio; editing by David Goodman and Jason Neely)
Renewable energy is energy generated from natural resources that are replenished constantly, such as sunlight, wind, rain, tides, waves, and geothermal heat.
An asset manager is a company or individual that invests and manages assets on behalf of clients, aiming to grow their investments through various strategies.
A buyout fund is a type of private equity fund that acquires companies, often taking a controlling interest to improve their operations and increase value.
A stake in a company refers to ownership interest, represented by shares, which gives the holder a claim on the company’s assets and earnings.
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific project or business activity, sharing profits and risks.
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