Repsol

Repsol Sells a Quarter of its Renewables Business to Boost Expansion

Repsol, the Spanish oil and gas company, has sold a quarter of its renewables business to a consortium led by Crédit Agricole Assurances and Energy Infrastructure Partners (EIP), PVTech informed.

With the consortium engaged in growing investment, the €905 million purchase will help the unit’s sustained expansion in the renewables industry, permitting entrance into newer markets and offshore wind.

Repsol’s renewable energy division is valued at more than €4.3 billion in the purchase.

The transaction, which will take effect on January 1, 2022, is likely to finalize before the end of the year, pending regulatory clearances. Repsol will maintain ownership of the renewables business in the future.

Repsol Renovables now has 1.6 GW of installed capacity across Spain, the United States, Chile, and Portugal, with a goal of reaching 6 GW by 2025 and 20 GW by 2030.

Last year, Repsol made its first step into the US market with the purchase of a 40% share in solar and battery storage firm Hecate, as well as a second investment in a Texas’ 600MW solar PV project.

By 2025, the Spanish oil firm aims to have deployed 2.1GW of capacity in the United States, a figure that will increase more than threefold and sit at 7.8GW by 2030.

The CEO of Repsol Renovables, Josu Jon Imaz, stated that having Crédit Agricole Assurances and EIP as reputable partners represents an affirmation of Repsol’s renewable strategic approach, supports the company’s ambition to be a key player in the energy transition, and completes the expectations in what is a very important process.

Repsol and Telefonica formed a joint venture earlier this year to deliver solar installations and energy services in the self-consumption segment throughout a number of target areas in Spain.

The joint venture, known as Solar360, was officially launched on June 13 and will begin operations later this month.