Pontegadea buys stake in Repsol's 127-MW solar farm in Spain

Spanish investment house Pontegadea Group has acquired a 49% stake in the 126.7-MW Kappa solar farm complex in Spain from Repsol SA (BME:REP).

The group, owned by Spanish billionaire Amancio Ortega, took the stake for EUR 27 million (USD 27.7m). The transaction values the Kappa plant at EUR 109 million, including project debt, Repsol said.

The Spanish multi-energy company commissioned Kappa in 2021. The complex consists of three sites -- Perseo Foton I, II and III -- and roughly 285,300 solar panels between them.

For Pontegadea, the deal follows its 2021 acquisition of a 49% stake in Repsol’s Delta wind farm in Spain, and more recently, the purchase of a 5% stake in the renewables unit of Spanish gas grid operator Enagas SA (BME:ENG).

“We are proud to strengthen our alliance with Pontegadea through another equity stake in a second Repsol renewable asset. Their confidence in our project will allow us to continue to grow steadily in this business created just over three years ago,” commented Repsol CEO Josu Jon Imaz.

The three-year-old business Imaz is referring to is Repsol Renovables, which the oil-and-gas group launched in 2019 as a vehicle for its operations in the renewables space. In June this year, Repsol agreed to sell a 25% stake in Repsol Renovables to a consortium of French insurance group Credit Agricole Assurances and Switzerland-based investment manager Energy Infrastructure Partners AG (EIP).

In another transaction this year, Repsol sold a 49% stake in its 264-MW Valdesolar solar farm to The Renewables Infrastructure Group (LON:TRIG).

(EUR 1.0 = USD 1.025)

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