Repsol, Engie bidding for Spanish renewables platform with 6-GW portfolio - report

Spanish multi-energy group Repsol SA (BME:REP) and French utility group Engie SA (EPA:ENGI) are bidding to acquire Spain-based renewable energy platform Asterion Energies with an over 6-GW portfolio of projects under development, Reuters reports.

Unnamed sources have told the news agency that the energy majors have submitted indicative offers for the Spanish business without elaborating further. Some of them have quoted a potential valuation of the target of some EUR 750 million (USD 738.8m), depending on the interest.

Investment bank Greenhill is managing the sale and collecting non-binding proposals. Allegedly, the potential divestment includes Asterion’s personnel of 29 people.

Set up in 2019, Asterion is a portfolio company established by Madrid-based investment management firm Asterion Industrial Partners. The platform invests in wind, solar and energy storage technologies in Spain, France and Italy. Its website shows it has more than 6 GW of greenfield and brownfield projects in the pipeline.

To catch up with the global decarbonisation efforts, Repsol said last month it would raise billions of dollars for investments in renewable energies by selling a minority stake in its global upstream oil and gas business. Engie, meanwhile, committed to allocating almost 45% of its growth investments by 2023 for its renewables business, aiming at annual capacity addition of 4 GW in the 2022-2025 period.

(EUR 1.0 = USD 0.985)

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