Spanish multi-energy group Repsol SA (BME:REP) has agreed to sell a 25% stake in its renewables subsidiary Repsol Renovables to a French-Swiss consortium for EUR 905 million (USD 960.7m).
The transaction values the three-year old business, which has over 1.6 GW of renewables installed and countless developing projects on three continents, at some EUR 4.38 billion including debt, Repsol said.
Repsol’s board of directors approved the sales agreement with a consortium of French insurance group Credit Agricole Assurances and Switzerland-based investment manager Energy Infrastructure Partners AG (EIP) at an extraordinary meeting on Thursday. The two emerged victorious in Repsol’s bidding process for the minority stake, the Spanish energy major said.
The transaction is subject to regulatory approval and is expected to close before the end of the year.
The bulk of Repsol’s operational power plants are in native Spain. This includes the 335-MW Delta I wind farm and 264-MW Valdesolar PV plant, with the group holding a 51% stake in both, the 126.6-MW Kappa solar farm and the hydroelectric portfolio with an installed capacity of 693 MW.
Repsol is also present in Chile through a joint venture with compatriot Grupo Ibereolica Renovables, which has wrapped up the construction of 188-MW wind farm in the country.
In the US, the Spanish group took a 40% stake in solar and storage specialist Hecate Energy LLC and built a 62.5-MW solar farm in New Mexico.
The pipeline across the three countries is measured in gigawatts as Repsol pursues it goal to have 6 GW of renewables installed by 2025, and 20 GW by 2030.
(EUR 1.0 = USD 1.062)
Choose your newsletter by Renewables Now. Join for free!