With the transaction, that interest is valued at 905 million euros
Repsol’s board of directors approved on Thursday the sale of a 25% stake in Repsol Renovables for 905 million euros to the consortium formed by French insurer Crédit Agricole Assurances and funds managed by Energy Infrastructure Partners (EIP), based in Switzerland. The operation, which is part of compliance with the multi-energy company’s Strategic Plan 2021-2025, values Repsol’s renewable energy activities at EUR 4,383 million, including debt and minority interests.
The operation demonstrates the robustness of Repsol’s business and growth model in this segment, which was created just over three years ago. The sale of a minority stake has generated significant interest from the international investment community, with leading entities bidding at the various stages of this proceeding.
The integration of Crédit Agricole Assurances and EIP as partners represents an investment commitment that enhances the growth of Repsol Renovables in line with the ambitious goals of its strategic plan to reach 6 GW by 2025 and new plans, including entering new markets and expanding the integration of complementary technologies such as offshore wind energy.
“Having prestigious partners such as Crédit Agricole Assurances and EIP in Repsol Renovables reinforces the validity of our strategy and our ambition to be a relevant player in the energy transition, meeting our expectations in this important process. Our goal is to reach an installed capacity of 6 GW in 2025 and 20 GW in 2030. As partners, they share our strategic vision to grow in renewable energies, bring their experience and underline the value of our growth platform,” said Josu Jon Imaz. , representative of director Repsol.
The operation, which will have economic impacts from January 1, 2022, is expected to be completed before the end of the year, once the necessary regulatory clearances have been received. Under the shareholders’ agreement, Repsol will continue to control the renewable energy business, so Repsol Renovables and its subsidiaries will remain consolidated in the Repsol Group’s accounts. In accordance with the accounting rules, the operation will have no effect on the Group’s income statement.
Renewable electricity generation is one of the main pillars of Repsol’s decarbonisation model, which in 2019 became the first company in its sector to commit to achieving net zero emissions by 2050. Over the past two years, the company has diversified its objectives of its renewable energy business geographically, complementing its capabilities, enhancing its portfolio and creating a solid platform with high growth potential, with the ambition to become a global low-emission operator. to be.
At the end of 2021, Repsol increased its installed capacity targets to 20 GW by 2030, a 60% increase from the previous target. In 2025, the installed capacity will increase to 6 GW. The company currently has a portfolio of more than 1.6 GW of installed renewable capacity and is present in Spain, the United States and Chile, as well as participating in the WindFloat offshore wind project in Portugal.
One of the most notable assets in Spain is the Delta I wind farm, in Aragón, with 335 MW; and the Valdesolar photovoltaic installation (Valdecaballeros, Badajoz) with a total installed capacity of 264 MW. The Delta I project is 49% owned by Pontegadea, one of the world’s leading investment groups, and Valdesolar, also 49% owned by The Renewables Infrastructure Group (TRIG). Both transactions involving the entry of a minority shareholder, conducted in November 2021 and March 2022 respectively, have resulted in the consolidation of an asset rotation model in which double-digit profitability is boosted.
Source: La Verdad
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