Repsol sells 25% stake in renewables arm to fuel growth strategy

Crédit Agricole Assurances and EIP’s entrance in Repsol Renovables will contribute to its growth in newer markets and investing in offshore wind. Image: Repsol/Flickr.

Spanish oil and gas major Repsol has sold a 25% stake of its renewables arm to a consortium formed by French insurance Crédit Agricole Assurances and Energy Infrastructure Partners (EIP).

The €905 million (US$948 million) transaction will contribute to the unit’s continued growth in the renewables market, facilitating entry into newer markets and in offshore wind with the consortium committed to increasing investment.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The deal values Repsol’s renewable arm at more than €4.3 billion.

Effective from 1 January 2022, the transaction is expected to close by the end of the year, subject to regulatory approvals. Repsol will continue to control the renewables business moving forward.

Repsol Renovables’ current portfolio of installed capacity sits at 1.6GW across Spain, the US, Chile and Portugal, with a target to reach 6GW by 2025 and 20GW by 2030.

Repsol made its first foray into the US market last year with the acquisition of a 40% stake in solar and battery storage developer Hecate and a further investment in a 600MW solar PV project in the state of Texas.

The Spanish oil major expects to reach 2.1GW of installed capacity in the US by 2025, a figure which is to more than treble to 7.8GW by 2030.

Josu Jon Imaz, CEO at Repsol, said:”Having reputable partners such as Crédit Agricole Assurances and EIP joining us in Repsol Renovables represents a validation of our renewable strategy, supports our ambition to be a key player in the energy transition and fulfills our expectations in this important process.”

Earlier this year, Repsol had formed a joint venture with telecommunications giant Telefonica that will provide solar installs and energy services in the self-consumption sector across different target markets in Spain.

The joint venture was officially launched today (13 June) under the name Solar360 and will start operating later this month.

María Victoria Zingoni, general manager of customer and low carbon generation at Repsol, said: “with Solar360 we are embarking on an exciting journey in a long-standing alliance, the most complete in the market, in which customers can be even more in control of their consumption and feel part of the energy transition, with the support of two major companies.”

27 June 2024
9am BST
FREE WEBINAR -This special webinar will take a deep dive into the latest PV ModuleTech Bankability Ratings pyramid, capturing the relative bankability status of the top 70-80 PV module suppliers globally. In addition to revealing the latest ranking of global PV module suppliers, PV Tech’s Head of Research, Finlay Colville, will show the depth of analysis and commentary included within the report for module suppliers. A key output from the webinar will be to learn which PV module suppliers have moved up the rankings pyramid in recent years and why this growth has been achieved. Conversely, some of the companies that have fallen down the rankings will be discussed, in particular those suffering from market-share losses and financial problems.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

May 29, 2024
Spanish inverter manufacturer Ingeteam will supply its products to a 250MW solar PV project from fellow Spanish solar project developer Grenergy.
May 28, 2024
BayWa r.e. has commissioned its first agriPV project in Spain, and has signed a power purchase agreement (PPA) with the Velux Group.
May 24, 2024
Solar project developer Recurrent Energy has secured a €674 million (US$730 million) revolving credit facility to expand its European solar and battery energy storage system (BESS) portfolio.
May 20, 2024
Avintia Energía plans to build an 850MW portfolio of greenfield solar projects with Italian oil giant Eni's subsidiary Plenitude in Spain.
April 25, 2024
German utility RWE has commissioned a 92MW solar PV park in Spain, bringing its global operational solar capacity to 4.2GW.
April 24, 2024
Solar tracker manufacturer Soltec has announced a deal to supply 130MW of trackers to a solar PV project in Spain.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia