Brookfield has appointed Santander and Barclays to manage the sale of X-Elio, valued at 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.
Image: X-Elio
From pv magazine Spain
Brookfield has launched a process to sell solar developer X-Elio, with a valuation exceeding €4 billion including debt, according to Spanish business newspapers El Economista and Cinco Días. The Canadian infrastructure investor has appointed Santander and Barclays to coordinate the sale.
The company has not responded to pv magazine‘s request for more details on the matter.
Brookfield has fully owned X-Elio since 2023, after acquiring KKR’s stake. It agreed in 2019 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 €1.2 billion initially sought.
X-Elio has a portfolio of about 3 GW, with roughly 2.5 GW under construction, and a development pipeline of around 23 GW. The company operates in 12 countries, including Spain, the United States, Italy, Australia, Mexico, Japan and Chile. While focused primarily on 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 assets are also being marketed. Matrix Renewables, backed by TPG, is reportedly for sale for about €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 halted processes for Cubico by Ontario Teachers and PSP.
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