Canadian investment firm Brookfield Asset Management is to take full control of Spanish solar power developer X-ELIO by acquiring the remaining 50 per cent stake in the business it doesn’t already own from US private equity major KKR, according to a report by the Financial Times.

According to unnamed Financial Times sources, the deal values X-ELIO at around $2 billion.

Brookfield is in the process of raising a $17 billion fund that targeting the transition from fossil fuels, according to one FT source, having previously raised $15 billion in a fund co-led by former Bank of England governor Mark Carney, which has supported renewable power development, as well as nuclear and waste recycling. 

Brookfield has already backed similar companies in the US, with last year’s acquisitions of Scout Clean Energy and Standard Solar.

Read more: Private Equity Wire