International law firm CMS advised Brookfield Renewable (Brookfield), one of the world’s largest publicly traded, pure-play renewable power platforms, on its acquisition of a further 50% stake in global renewable developer, X-ELIO, from KKR. Having initially acquired a 50% interest in X-ELIO in 2019, upon completion of this transaction Brookfield will own 100% of X-ELIO.
The transaction is subject to customary closing conditions.
Madrid based X-ELIO is a global leader in sustainable energy development specialising in the development, construction, financing and operation of solar PV plants, storage and hydrogen projects worldwide. Since Brookfield’s initial acquisition of a 50% stake in 2019, X-ELIO has benefited from over US$ 2bn of investment, which has enabled significant growth and development. The company has built or developed 3 GW of renewables projects across five continents since it was founded and is expected to have 3 GW of assets in operation, under construction or ready-to-build by the end of 2023 across Spain, Italy, the US, Australia, Japan and Latin America. In addition, it has over 10 GW of advanced near-term pipeline assets.
Ignacio Paz-Ares, Head of European Renewable Power and Transition Investments at Brookfield Renewable, said: “X-ELIO is a business we know well following our initial investment and we are thrilled to continue to support this leading global platform with significant growth ahead. This transaction is very aligned with Brookfield’s strategy as a leading owner, operator and developer of renewables worldwide, driven by the incredible tailwinds for this sector.”
CMS Corporate Partner Charles Currier added: “After having advised long-standing client Brookfield on the acquisition of a 50% stake in X-ELIO in 2019, we were delighted to advise Brookfield on the acquisition of the remaining 50% interest X-ELIO. This transaction demonstrates CMS’s ability to deliver largescale and complex transactions in the international energy and infrastructure sector.”
The international CMS team was led by Charles Currier and Michael Carroll, supported by James Day and Matthew Desmond (Corporate); Aaron Fairhurst and Jason Todd (Tax); Brian Sher, Jean-Francois Willems, Gabrielle Carter (Competition); and Elena Aguilar (Corporate), Diego de Miguel Hernando (Tax), Carlos Vérgez (Antitrust, Competition & Trade), and Juan Moreno and Alfonso Codes (Public Law), CMS Spain.
