Brookfield has appointed Santander and Barclays to manage the sale of X-Elio, worth more than €4 billion ($4.7 billion), including debt. If completed, it would be the company’s second major divestment in Spain in two years.
Brookfield has started a process to sell solar energy developer X-Elio, with a valuation of more than €4 billion including debt, according to Spanish business newspapers El Economista And Cinco Dias. The Canadian infrastructure investor has appointed Santander and Barclays to coordinate the sale.
The company has not responded pv magazine‘s request for more details on this.
Brookfield has fully owned X-Elio since 2023, after acquiring KKR’s stake. In 2019, it agreed to buy the remaining 50% of the company, then known as Gestamp Renovables, from KKR for $500 million. The transaction was completed later that year, at a valuation well below the initially targeted €1.2 billion.
X-Elio has a portfolio of approximately 3 GW, of which approximately 2.5 GW is under construction, and a development pipeline of approximately 23 GW. The company operates in 12 countries, including Spain, the United States, Italy, Australia, Mexico, Japan and Chile. While it focuses primarily on solar photovoltaics, it has expanded into energy storage, including battery projects in Germany through a joint venture with Nature Infrastructure Capital to invest in Eco Stor.
The potential sale would be Brookfield’s second major exit in Spain in two years, following the €1.2 billion sale of Saeta Yield to Masdar in 2023.
Other renewable energy sources are also being commercialized. TPG-backed Matrix Renewables is reportedly up for sale for around €1 billion, while EQT is considering options for Zelestra, formerly Solarpack. Several planned transactions have stalled, including Macquarie’s attempted sale of Cero Generation and the abandoned processes for Cubico by Ontario Teachers and PSP.
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