Gestamp Solar Becomes X-ELIO After KKR Completes Acquisition of 80% Stake
February 11, 2016- New name reflects unique strategy to capture projected growth of solar photovoltaic market
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The new financial resources will help X-ELIO to expand operations
in markets including
Japan ,Latin America and theU.S.
“X-ELIO combines all the elements that are needed to capture the
dramatic increase in demand for solar energy: capital resources to
invest in the long term, an entrepreneurial mindset, technology
leadership and the ability to scale the business,’’ said Chief Executive
Officer
“The combination of X-ELIO’s technological expertise and KKR’s financial
firepower combines capability and capital and has created a new utility
player that will shape and support the revolution that is underway in
the world’s energy market,” said
KKR completed the purchase, which was announced in
In
In the
The company, founded in 2005, has rapidly grown into a globally recognized player in the PV space, helped by its integrated operating model that coordinates each project’s realization, including the Energy Performance Certificate for new installations, in house.
Solar energy is increasingly cost competitive against conventional electricity generation in many markets. Also, electrical grids worldwide have been expanded in recent years, and are ready to receive and distribute more electricity from PV plants.
“The energy world is going through a revolution as the growth of renewable energies such as solar means we are going from a world of scarce and declining resources to abundant and increasing resources,” said Barredo. “Solar is well set to be one of the key energy sources and revolutionize the global energy market, and we’re convinced that X-ELIO will be at the heart of it. We look forward to capturing the enormous potential of the solar PV market together.”
According to the
The X-ELIO investment is funded by
X-ELIO contributes to KKR’s growing infrastructure footprint across
seven sectors including renewables, heating, rail, telecom, parking,
water & midstream with a presence in over 20 countries. In those
sectors, KKR has over
The infrastructure investments represent more than 3 GW of renewable capacity. The X-ELIO acquisition also boosts the equity invested in renewables by almost 50% and the solar capacity by more than 50%. X-ELIO complements KKR’s investments in other assets worldwide such as French wind farm company Renvico, T-Solar’s Spanish and Italian solar parks and ACCIONA Energía Internacional.
About X-ELIO
X-ELIO specializes in the development, construction, operation and
maintenance of solar plants in the
About KKR
KKR is a leading global investment firm that manages investments across
multiple asset classes including private equity, energy, infrastructure,
real estate, credit and hedge funds. KKR aims to generate attractive
investment returns by following a patient and disciplined investment
approach, employing world‐class people, and driving growth and value
creation at the asset level. KKR invests its own capital alongside its
partners’ capital and brings opportunities to others through its capital
markets business. References to KKR’s investments may include the
activities of its sponsored funds. For additional information about
View source version on businesswire.com: http://www.businesswire.com/news/home/20160210006764/en/
Gestamp Renewables
Tel: +34 91 177 00 10
Email: juan.llovet@gestampren.com
or
KKR
Tel: + 44 (0) 20 7521 3801
Email: victor.mallet@finsbury.com
Source: KKR
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