Brookfield Renewable Partners L.P. (
TSX: BEP.UN; NYSE:
BEP) together with its institutional partners
(“
Brookfield Renewable”) and KKR today announced a
definitive agreement to form a 50/50 joint venture for X-Elio.
Brookfield Renewable and KKR will hold joint governance of the
X-Elio board. As part of the transaction, Brookfield Renewable will
acquire Acek’s 20% stake and 30% of KKR’s stake in X-Elio for a
total commitment in the range of $500 million.
Headquartered in Spain, X-Elio is one of the
largest independent solar platforms globally with 273 megawatts of
operating capacity, 1,413 megawatts under construction and a
broader 4,800 megawatt development pipeline across major solar
markets including Spain, the United States, Mexico, Chile and
Japan. X-Elio also has a proven track record as a premier developer
of solar assets globally having developed over 2,000 megawatts of
capacity at strong returns.
Sachin Shah, CEO of Brookfield Renewable, said:
“We are delighted to be partnering with KKR through this
transaction and are pleased that we share a vision for X-Elio’s
strong prospects as a solar development leader. This 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. This investment allows us
to grow our solar capabilities to include global solar development
and offers another meaningful growth lever for our business.”
Tara Davies, Member and Head of European
Infrastructure at KKR, commented: “We’re looking forward to working
alongside Brookfield and building on our close relationship with
X-Elio’s management to help the business progress to the next stage
of its growth. Our continued commitment to X-Elio builds on our
strong track record of developing renewable energy assets and
investing behind the global renewable energy transition.”
Jorge Barredo López, CEO of X-Elio, said: “This
announcement marks the beginning of an exciting new stage for
X-Elio. Brookfield brings further global expertise and a depth of
management and operating experience and I look forward to working
with both Brookfield and KKR going forward. Acek has been pivotal
to X-Elio’s story to date, and I would like to thank them for their
commitment and support throughout these years.”
The transaction is subject to customary closing
conditions and is expected to close in the fourth quarter of
2019.
Brookfield Renewable
Partners
Brookfield Renewable operates one of the world’s
largest publicly traded, pure-play renewable power platforms. Its
portfolio consists of hydroelectric, wind, solar and storage
facilities in North America, South America, Europe and Asia, and
totals over 17,000 megawatts of installed capacity and an 8,000
megawatt development pipeline. Brookfield Renewable is listed on
the New York and Toronto stock exchanges. Further information is
available at https://bep.brookfield.com. Important information may
be disseminated exclusively via the Brookfield Renewable website;
investors should consult the site to access this information.
Brookfield Renewable is the flagship listed
renewable power company of Brookfield Asset Management, a leading
global alternative asset manager with over $365 billion of assets
under management.
KKR:
KKR is a leading global investment firm that manages multiple
alternative asset classes, including private equity, energy,
infrastructure, real estate and credit, with strategic partners
that manage hedge funds. KKR aims to generate attractive investment
returns for its fund investors by following a patient and
disciplined investment approach, employing world-class people, and
driving growth and value creation with KKR portfolio companies. KKR
invests its own capital alongside the capital it manages for fund
investors and provides financing solutions and investment
opportunities through its capital markets business. References to
KKR's investments may include the activities of its sponsored
funds. For additional information about KKR & Co. Inc.
(NYSE:KKR), please visit KKR's website at www.kkr.com and on
Twitter @KKR_Co.
X-ELIO:
X-ELIO (www.X-ELIO.com) is a company specialized
in the development, construction, operation and maintenance of
solar plants with a presence in the United States, the Middle East,
Japan, South Africa, Latin America (Mexico and Chile among others),
Australia, Southeast Asia, Italy and Spain. In 2018 it achieved a
revenue in excess of €130M. The firm has accumulated
experience in the construction of solar plants of more than 2GW, it
currently has 23 PV plants in operation in 13 countries. The group
is a global leader in renewable and sustainable energy, with a
strong commitment to the reduction of greenhouse gases and the
fight against climate change.
Contact information: |
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Brookfield Renewable: |
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Media: |
Investors: |
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Marie Fuller |
Divya Biyani |
Vice President – Communications |
Director – Investor Relations |
+44 (0)20 7408 8375 |
(416) 369-2616 |
marie.fuller@brookfield.com |
divya.biyani@brookfield.com |
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KKR: |
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Alastair Elwen |
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Finsbury |
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+44 (0)20 7251 3801 |
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alastair.elwen@finsbury.com |
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X-ELIO |
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Óscar Torres / Eva Tuñas |
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Kreab |
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+34 685 929 026 / +34 91 702 71 70 |
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otorres@kreab.com / etunas@kreab.com |
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Cautionary Statement Regarding Forward-looking
StatementsThis news release is not an offer of securities
for sale or a solicitation of an offer to purchase securities. The
information in this news release may not contain, and you may not
rely on this new release as providing, all material information
concerning the condition (financial or
other), earnings, business affairs,
business prospects, properties or
results of operations of Brookfield
Renewable or KKR. This news release contains forward-looking
statements and information within the meaning of Canadian
provincial securities laws and “forward-looking statements” within
the meaning of Section 27A of the U.S. Securities Act of 1933, as
amended, Section 21E of the U.S. Securities Exchange Act of 1934,
as amended, “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995 and in any applicable
Canadian securities regulations. The words “intend”, “aim”, “will”,
“may”, “expect”, “expand”, “estimate”, “build”, “believe”,
“anticipate” and derivatives thereof and other expressions which
are predictions of or indicate future events, trends or prospects
and which do not relate to historical matters identify the above
mentioned and other forward-looking statements. Forward-looking
statements in this news release include statements regarding the
objectives, plans and goals of each of Brookfield Renewable and KKR
in respect of the joint venture, the timing of closing of the
transaction, the expectation that the closing conditions, including
required approvals, will be satisfied, and the anticipated benefits
from the transaction. Although each of Brookfield Renewable
and KKR believes that these forward-looking statements and
information are based upon reasonable assumptions and expectations,
you should not place undue reliance on them, or any other
forward-looking statements or information in this news release.
Future performance and prospects of each of Brookfield Renewable
and KKR are subject to a number of known and unknown risks and
uncertainties. Factors that could cause actual results of
Brookfield Renewable or KKR to differ materially from those
contemplated or implied by the statements in this news release
include (without limitation) weather conditions and other factors
which may impact generation levels at facilities; economic
conditions in the jurisdictions in which Brookfield Renewable or
KKR operate; ability to sell products and services under contract
or into merchant energy markets; changes to government regulations,
including incentives for renewable energy; ability to complete
development and capital projects on time and on budget; inability
to finance operations or fund future acquisitions due to the status
of the capital markets; health, safety, security or environmental
incidents; regulatory risks relating to the power markets in which
Brookfield Renewable or KKR operate, including relating to the
regulation of our assets, licensing and litigation; risks relating
to internal control environment; contract counterparties not
fulfilling their obligations; changes in operating expenses,
including employee wages, benefits and training, governmental and
public policy changes, and other risks associated with
the construction, development and operation of power generating
facilities. For further information on these known and unknown
risks as they relate to Brookfield Renewable, please see “Risk
Factors” included in the Form 20-F of Brookfield Renewable Partners
L.P.
The foregoing list of important factors that may affect future
results is not exhaustive. The forward-looking statements represent
Brookfield Renewable’s and KKR’s views as of the date of this news
release and should not be relied upon as representing Brookfield
Renewable’s and KKR’s views as of any subsequent date. While it is
anticipated that subsequent events and developments may cause the
views of Brookfield Renewable and KKR to change, each of Brookfield
Renewable and KKR disclaim any obligation to update the
forward-looking statements, other than as required by applicable
law.
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