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KKR Sells X-ELIO Renewable Energy Company Stake to Brookfield

March 21, 2023 by Joe Panettieri

Global investment firm KRR is selling its 50% stake in X-ELIO to Brookfield Renewable, which means Brookfield will gain 100% ownership in the renewable energy company. Financial terms of the deal were not disclosed.

Lluis Noguera, CEO of X-ELIO

Related: See all M&A deals involving ESG and sustainability consulting, technology & software firms here.

Brookfield Renewable and KKR had been 50-50 owners in X-ELIO since December 2019. X-ELIO specializes in the development, construction, financing and operation of renewable and
sustainable energy projects. The company has footprints in Europe, the United States, Latin America, Japan and Australia.

X-ELIO is based in Madrid, Spain. The company had 331 employees listed on LinkedIn as of March 2023. X-ELIO's net-zero solutions and services include:

X-ELIO has built or developed 3 GW (gigawatts) of renewables projects across five continents since it was founded in 2005. One GW represents 3.125 million photovoltaic (PV) panels, or 333 utility-scale wind turbines or 100 million LED lights, according to Energy.gov.

Brookfield Renewable Company Background

Ignacio Paz-Ares, Brookfield Renewable

Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms, the company asserts.

Brookfield's portfolio spans hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia.

Brookfield Renewable also backs Circular Services, startup that’s building and expanding recycling infrastructure across the United States. Microsoft and five other corporate giants — NestléPepsiCoSK GroupStarbucks and Unilever — agreed to invest in Circular Services in March 2023.

KKR Sells X-ELIO Stake to Brookfield Renewable: Executive Perspectives

In a prepared statement about the deal, Ignacio Paz-Ares, head of European renewable power and transition investments at Brookfield, said: “X-ELIO is a business we know well following our initial investment and we are thrilled to continue to support this leading global platform with significant growth ahead. This transaction is very aligned with Brookfield’s strategy as a leading owner, operator and developer of renewables worldwide, driven by the incredible tailwinds for this sector.”

Tara Davies, KKR

Added Tara Davies, co-head of European infrastructure at KKR, said: “Since KKR’s initial investment eight years ago, we have helped X-ELIO transform into a global leader in sustainable energy development. As a firm, we have been a long-term investor behind the energy transition and we are focused on continuing to identify the right opportunities to support companies with the right resources, and seeking to play a leading role in this space. I’m proud of what we have been able to accomplish together, and wish X-ELIO continued success on this exciting journey.”

Concluded Lluis Noguera, CEO of X-ELIO: “X-ELIO’s journey to become a leading developer with
diversified global presence would not have been possible without our shareholders’ focus on
execution and long-term value creation. Now, with the continued support from Brookfield, we are in
an optimal position to continue growing our solar and storage business while tackling new
opportunities in the energy transition space."

The deal is expected to close in the second half of 2023, the three parties said.

KKR Remains in the Sustainability Market

Meanwhile, KKR remains active in the sustainability market. Key holdings include Apexanalytix (Apex), a data and analytics software provider.

Apex, backed by KKR and Carousel Capital, in early March 2023 acquired ESG Enterprise, a provider of environmental, social and governance (ESG) management data, software and services. Financial terms of that deal were not disclosed.

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