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The European Commission (EC) said on Wednesday it had approved a 50 percent stake
in Spanish solar developer and operator X-Elio Energy SL, as proposed by Brookfield Renewable Partners LP.
Under the agreement, Canada's Brookfield Asset Management (TSE:BAM.
A) renewable energy unit will buy a 20% stake in X-Elio from Acek, the holding company of Spanish entrepreneur family Ribera, and will also acquire a 30% stake
held by KKR (NYSE:KKR), a U.
S.
private equity fund.
Upon completion of the transaction, KKR and Brookfield Renewable will operate X-Elio
through a 50/50 joint venture.
The European Commission believes that the proposed acquisition will not raise any competition concerns as it would result in "limited horizontal and vertical overlap between the two companies.
"
The deal was approved
by the U.
S.
Federal Trade Commission (FTC) in September.
Madrid-based X-Elio currently has a portfolio of 273 MW of operational solar power plants, with another 1,413 MW under construction
.
The company also has more extensive 4,800 MW pipeline projects
around the world, including Spain, the United States, Mexico, Chile and Japan.
The European Commission (EC) said on Wednesday it had approved a 50 percent stake
in Spanish solar developer and operator X-Elio Energy SL, as proposed by Brookfield Renewable Partners LP.
Under the agreement, Canada's Brookfield Asset Management (TSE:BAM.
A) renewable energy unit will buy a 20% stake in X-Elio from Acek, the holding company of Spanish entrepreneur family Ribera, and will also acquire a 30% stake
held by KKR (NYSE:KKR), a U.
S.
private equity fund.
Upon completion of the transaction, KKR and Brookfield Renewable will operate X-Elio
through a 50/50 joint venture.
The European Commission believes that the proposed acquisition will not raise any competition concerns as it would result in "limited horizontal and vertical overlap between the two companies.
"
The deal was approved
by the U.
S.
Federal Trade Commission (FTC) in September.
Madrid-based X-Elio currently has a portfolio of 273 MW of operational solar power plants, with another 1,413 MW under construction
.
The company also has more extensive 4,800 MW pipeline projects
around the world, including Spain, the United States, Mexico, Chile and Japan.
