Global investment firm Kohlberg Kravis Roberts (KKR) has agreed to sell 50% of its stake in renewable developer X-ELIO to its joint venture partner Brookfield Renewable.

Financial details were not disclosed.

Since KKR’s initial investment in 2015, followed by Brookfield’s acquisition of a 50% stake in 2019, X-ELIO has benefitted from over $2 billion of investment.

X-ELIO has constructed or developed 3 GW of renewable energy projects globally.

Further, the renewable energy developer is projected to have 3 GW of assets in operation, under construction, or ready-to-build in Spain, Italy, the U.S., Australia, Japan, and Latin America by the end of 2023.

Additionally, X-ELIO said that it has over 10 GW of an advanced near-term pipeline of solar and storage assets.

“Since KKR’s initial investment eight years ago, we have helped X-ELIO become a global leader in sustainable energy development. As a firm, we have been a long-term investor behind the energy transition. I’m proud of what we have accomplished together, and wish X-ELIO continued success on this exciting journey,” said Tara Davies, Co-Head of European Infrastructure at KKR.

Earlier this month, Godawari Green Energy, a wholly-owned subsidiary of KKR-backed Virescent Renewable Energy Trust, acquired a 25 MW operational solar project from Samta Energy in the Surendranagar district of Gujarat.

The Competition Commission of India recently approved a $450 million investment through the subscription of compulsorily convertible preference shares of Hero Group’s renewable arm, Hero Future Energies, by Ardor Holding II Pte, a special purpose vehicle indirectly owned by KKR.

Last June, Brookfield announced the final institutional close of a $15 billion raise for the Brookfield Global Transition Fund (BGTF), focused on facilitating the global transition to net zero. Brookfield had raised $7 billion in the initial close of BGTF.

Total corporate funding worldwide in the solar sector, including venture capital and private equity, debt financing, and public market financing, came to $24.1 billion, a decline of 13% compared to the $27.8 billion raised in 2021, according to Mercom’s Annual and Q4 2022 Solar Funding and M&A Report.