REPYY Repsol SA (QX)

   By Alberto Delclaux 
 

MADRID (EFE Dow Jones)--Bidding for solar-energy group X-Elio will enter the final stages next week, when binding offers are due for the company, according to two sources familiar with the matter.

Spanish oil major Repsol SA (REP.MC) is one of the parties interested in X-Elio, which is controlled by U.S. fund KKR & Co. Inc. (KKR), one of the sources said Thursday.

According to a Bloomberg report on Wednesday, Canadian fund manager Brookfield Asset Management Inc. (BAM.A.T) is also in the final round, and the bids could value X-Elio at around 1.2 billion euros ($1.34 billion).

Repsol is looking to expand its presence in renewables and electricity generation, and has said it aims to have a low-emission generation capacity of 4,500 megawatts by 2025.

In September last year, Repsol said it was acquiring Valdesolar Hive, a company in charge of developing a 264-megawatt solar project in Valdecaballeros that, once built, would be one of Spain's largest solar facilities.

Two months prior, it spent EUR750 million buying Viesgo Infraestructuras Energeticas SL's low-emissions assets and retail business in a deal with Macquarie Infrastructure and Wren House Infrastructure.

Brookfield, meanwhile, closed the acquisition of renewables investment firm Saeta Yield SA for around EUR995 million in June last year.

KKR acquired its 80% stake in X-Elio from Gestamp Energias Renovables SL in 2015. The photovoltaic-energy company has built over 650 megawatts in solar-photovoltaic plants and currently has 41 plants in operation, according to its website.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

This story was translated in whole or in part from a ​Spanish-language version initially published by EFE Dow Jones, a partner of Dow Jones & Co.

(END) Dow Jones Newswires

April 04, 2019 13:39 ET (17:39 GMT)

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