鈥檚 flagship listed renewable power business has invested $500m (鈧�443m) to buy a 50% stake in Spanish solar projects developer X-Elio.
Renewable Partners said it is investing the amount to buy a 30% stake in X-Elio from 碍碍搁鈥檚 80% interest, and will also buy Acek鈥檚 20% stake.
碍碍搁鈥檚 Global Infrastructure Investors II fund acquired its 80% stake in the solar energy company in July 2015.
X-Elio currently has 273MW of operating capacity, 1,413MW under construction and a broader 4,800MW development pipeline across major solar markets including Spain, the US, Mexico, Chile and Japan.
Sachin Shah, CEO of Brookfield Renewable, said: 鈥淭his is a unique opportunity to invest in a high-quality portfolio of operating assets including a near-term pipeline of construction assets with an experienced management team, integrated development platform and best-in-class contracting capabilities.
鈥淭his investment allows us to grow our solar capabilities to include global solar development and offers another meaningful growth lever for our business.鈥�
Tara Davies, member and head of European infrastructure at KKR, said: 鈥淲e鈥檙e looking forward to working alongside Brookfield and building on our close relationship with X-Elio鈥檚 management to help the business progress to the next stage of its growth.
鈥淥ur continued commitment to X-Elio builds on our strong track record of developing renewable energy assets and investing behind the global renewable energy transition.鈥�
The transaction is expected to close in the fourth quarter of 2019.
