With the operation, the Spanish company will add another 7,700 megawatts of electricity production, mainly photovoltaics and wind energy in Spain
Repsol has bought renewable energy company Asterion Energies from European infrastructure fund Asterion Industrial for EUR 560 million, plus up to EUR 20 million in contingent payments. The Spanish multinational believes that this operation is an important milestone in its goal of becoming “a global player in renewable energy” and strengthening its position in key markets in Europe.
Asterion Energies, a development platform created by Asterion in 2019, manages a portfolio of projects mainly under development of 7,700 renewable megawatts (MW) in Spain (84%), Italy (12%) and France (4%), three markets that for Repsol is “stable and with great potential”.
Asterion Energies’ portfolio of assets includes 4,900 MW of solar photovoltaics and 2,800 MW of wind generation, of which 2,500 MW are in advanced stages of development or under construction. In addition, Asterion Energies has an expert team in developing renewable energy and storage projects that will be included in Repsol’s ambitious growth project in this company.
For Repsol CEO Josu Jon Imaz: “We are realizing our ambition to be leaders in the energy transition with strong steps, such as this asset acquisition, to achieve our goals of growth, diversification and focus on multi-energy. The projects and the human talent we are integrating with this transaction is a perfect complement to our strategy.”
Jesús Olmos, CEO of Asterion Industrial, says that “we are proud to have created this European platform from scratch and achieved exponential growth over the past three years. We are convinced that Repsol is the ideal partner to continue this growth story and continue to contribute to the energy transition.”
Since becoming the first company in its industry to commit to net zero emissions by 2050 in 2019, Repsol has achieved its goals of geographically diversifying its renewable energy business, complementing its capabilities, expanding its portfolio and create a solid platform with great growth potential, with the ambition to be a global low emissions operator.
The 2021-2025 Strategic Plan aims to reach 6,000 MW of installed capacity in 2025 and 20,000 MW in 2030. Repsol’s current portfolio of installed renewable generation projects, before the transaction, totals 1,600 MW. The company has 1,470 MW installed renewable capacity in Spain, 62.5 MW in the United States, 96 MW in Chile and 3 MW from the WindFloat Atlantic floating wind farm (Portugal). In addition, it already has more than 2,000 MW under construction: 1,180 MW in Spain, 719 MW in the United States and 120 MW in Chile.
One of the most notable assets in Spain is the Delta wind farm in Aragón (335 Mw); the photovoltaic plant of Valdesolar, in Badajoz (264 MW), and the photovoltaic complex Kappa, located in Ciudad Real (126.6 MW). The Delta and Kappa projects are 49% owned by Pontegadea, one of the world’s leading investment groups, and Valdesolar is also 49% owned by The Renewables Infrastructure Group (TRIG). .
In addition, in June 2022, Repsol included EIP and Crédit Agricole Assurances as partners in Repsol Renovables, an operation that valued that unit at EUR 4,383 million.
Repsol also has other projects under development in Spain totaling more than 700 MW: the PI wind farm, located in Castilla y León; the photovoltaic Sigma, in Andalusia; and two photovoltaic installations in the provinces of Alicante and Guadalajara, which are under administrative processing. The company also has a significant hydroelectric portfolio in northern Spain (Aguayo-Aguilar, Navia and Picos), with an installed capacity of 693 MW and an ambitious project to expand the Aguayo pumping station when regulatory conditions allow.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
