According to the Wall Street Journal (WSJ), Spain's Acciona and private equity firm KKR & Co. have hired banks including J.P. Morgan Chase & Co. and Goldman Sachs for the public listing of Acciona Energía International (AEI). WSJ says that other banks could be added to the roster in the coming months.

The IPO could fetch as much as $2 billion, according to sources.

KKR, through its global infrastructure fund, in June agreed to buy a one-third stake in the Acciona renewable-energy unit for €417 million ($558.1 million). The deal gave the unit an equity value of €1.3 billion. The firms stated in a press release when the acquisition took place:

The intention of both partners is to promote an international IPO through a YieldCo vehicle that will hold all or part of the assets of AEI.  The agreement includes an earn-out consideration of an additional purchase price up to €50 million based on the outcome of YieldCo's public offering.

According to the source, the companies haven't decided if they will sell shares in the IPO or if they will create new shares. The IPO could take place in early 2015. The sale process, which is expected to be closed before the end of the year, would have to be closed first.

AEI holds Acciona Energía's operating renewable assets outside Spain, comprising 2.3GW in 14 countries, including US, Mexico, Australia, Italy, Portugal and South Africa, that will generate an estimated cash flow of €12 million distributable to the partners. Most of the portfolio is comprised of wind farms, with a small number of solar (photovoltaic and thermal) assets.

The IPO will be structured as a so-called yield company. Yieldcos usually hold assets that produce a steady and predictable flow of income.

The deal could be structured following a similar listing of Abengoa Yield PLC by Spain's Abengoa. The firm in June spun off some of its solar and electricity-transmission assets and raised more than $700 million.