X-ELIO, a Brookfield-owned renewable energy project developer, announced an agreement with Tion Renewables, a Munich-based renewable energy power producer, to sell a 50 MW solar project in the province of Almeria in southern Spain. The company did not disclose the financial details of the acquisition.
The power produced from the project has been contracted under a power purchase agreement with an undisclosed off-taker.
The transaction is subject to customary closing conditions and is expected to close by the beginning of February.
Nicholas Pentreath, CFO at X-ELIO, said, “We are delighted to have reached this agreement with Tion Renewables. This sale once more demonstrates our ability to develop, deliver, and rotate high-quality projects to leading companies in the sector, such as Tion. We are confident that this collaboration marks the beginning of a fruitful relationship between our companies”.
In March 2024, X-ELIO announced the closing of an €89 million (~$96.75 million) financing deal with Societe Generale as sole Bookrunner, Mandated Lead Arranger, and Hedge Provider. Furthermore, Brookfield Renewable, a renewable energy company that owns and operates renewable projects, acquired a 50% stake in X-ELIO from private equity firm KKR last year. Following the transaction, Brookfield Renewable owns 100% of X-ELIO.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, 166 project acquisitions totaling 28.3 GW were transacted in 9M 2024 compared to the same number of project acquisitions totaling 31.6 GW in 9M 2023.
In September 2024, ib vogt, a solar and energy storage project developer, announced the sale of its 110 MW Pato solar project in Spain to NextPower V ESG, an OECD Fund of NextEnergy Capital. Construction of the solar project began in March 2024.
