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.
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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.”