Brookfield has launched a process to sell solar developer X-Elio, with a valuation exceeding €4 billion including debt, according to Spanish business newspapers El Economista and Cinco Días. The Canadian infrastructure investor has appointed Santander and Barclays to coordinate the sale.

Brookfield has fully owned X-Elio since 2023, following its acquisition of KKR’s remaining stake. In 2019, Brookfield agreed to purchase the remaining 50% of the company—then known as Gestamp Renovables—from KKR for $500 million. The transaction was completed later that year at a valuation significantly below the more than €1.2 billion initially sought.

X-Elio currently has an operating portfolio of around 3 GW, with approximately 2.5 GW under construction, and a development pipeline of about 23 GW. The company operates across 12 countries, including Spain, the United States, Italy, Australia, Mexico, Japan, and Chile. While its core focus remains photovoltaic solar, X-Elio has expanded into energy storage, including battery projects in Germany through a joint venture with Nature Infrastructure Capital to invest in Eco Stor.

If completed, the transaction would mark Brookfield’s second major exit in Spain within two years, following the €1.2 billion sale of Saeta Yield to Masdar in 2023.

Meanwhile, other renewable energy assets are also being marketed. Matrix Renewables, backed by TPG, is reportedly seeking a valuation of around €1 billion, while EQT is exploring strategic options for Zelestra, formerly known as Solarpack. Several planned transactions have stalled, including Macquarie’s attempted sale of Cero Generation and halted sale processes for Cubico by Ontario Teachers’ Pension Plan and PSP Investments.