Kohlberg Kravis Roberts (KKR), a global investment firm, has agreed to sell 50% of its stake in renewable developer X-ELIO to its joint venture partner Brookfield Renewable. Financial details were not disclosed. X-ELIO has received over $2 billion in investment since KKR’s initial investment in 2015, followed by Brookfield’s acquisition of a 50% stake in 2019.
X-ELIO has built or developed 3 GW of renewable energy projects around the world. Furthermore, by the end of 2023, the renewable energy developer expects to have 3 GW of assets in operation, under construction, or ready-to-build in Spain, Italy, the United States, Australia, Japan, and Latin America.
Furthermore, X-ELIO stated that it has over 10 GW of advanced near-term solar and storage assets in its pipeline. “We have helped X-ELIO become a global leader in sustainable energy development since our initial investment eight years ago.” As a company, we have been a long-term supporter of the energy transition. “I’m proud of what we’ve accomplished together, and I wish X-ELIO continued success on this exciting journey,” said Tara Davies, KKR’s Co-Head of European Infrastructure.
Godawari Green Energy, a wholly-owned subsidiary of the KKR-backed Virescent Renewable Energy Trust, acquired a 25 MW operational solar project from Samta Energy in Gujarat’s Surendranagar district earlier this month.
The Competition Commission of India recently approved a $450 million investment by Ardor Holding II Pte, a special purpose vehicle indirectly owned by KKR, through the subscription of compulsorily convertible preference shares in Hero Group’s renewable arm, Hero Future Energies.