March 21 (SeeNews) - The renewables business of Canada-based investor Brookfield Asset Management Inc (TSX:BAM.A; NYSE:BAM) has agreed to acquire the remaining 50% stake in Spanish photovoltaic company X-Elio from US private equity firm KKR & Co (NYSE:KKR).
Upon completion of the deal, whose financial details were not disclosed, Brookfield Renewable Partners LP will own 100% of the Spanish business, a press release said on Tuesday.
X-Elio develops and operates solar power plants, storage and hydrogen projects across Europe, the US, Latin America, Japan and Australia, having more than 2.8 GW built so far.
The Canadian renewable power assets operator took a 50% stake in X-Elio in 2019. It bought a 30% shareholding from KKR & and a 20% interest from Acek, the holding company of Spain's entrepreneur family Ribera, for a total commitment in the range of USD 500 million (EUR 465.6m).
The buyout deal agreed upon by Brookfield Renewable values X-Elio at nearly USD 2 billion, according to insiders cited by the Financial Times.
The transaction is subject to customary closing conditions and is set to close in the second half of 2023.
(USD 1 = EUR 0.931)