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European Commission clears proposed joint governance for solar developer X-Elio

The European Commission cleared the proposed joint governance of Spanish solar developer X-ELIO Energy SL by Brookfield Renewable Partners LP and KKR & Co.

Brookfield Renewable, a subsidiary of Brookfield Asset Management Inc., signed an agreement with KKR to form a 50/50 joint venture for control of X-Elio.

Under the proposed transaction, Brookfield Renewable will acquire Madrid-headquartered ACEK Renewables' 20% stake in X-Elio and 30% of New York-headquartered investment firm KKR & Co.'s majority stake in X-Elio, for about $500 million.

X-Elio has an operating capacity of 273 MW, 1,413 MW under construction and a 4,800-MW development pipeline across Chile, Japan, Mexico, Spain and United States, according to the July deal announcement.

The European Commission concluded that the proposed transaction would not raise competition concerns.

The deal is expected to close in the fourth quarter, subject to customary closing conditions.