KKR sells 50% stake in Spain’s X-elio to partner Brookfield

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)