Spanish oil & gas major Repsol took a major new leap into renewables with a €560m ($594m) swoop for Asterion Energies and its 7.7GW green energy portfolio.

Repsol – which is chasing a goal to have 6GW of renewables in place by 2025 and 20GW by 2030 – said the mostly development-stage Asterion projects will help its “ambition to become a global player in renewable energy and strengthens the company's position in key markets in Europe”.

Asterion’s portfolio covers 4.9GW of solar PV and 2.8GW of wind, with 2.5GW either under construction or at an advanced development stage. The majority is in Spain with some presence in Italy and France.

Repsol already has 1.6GW of renewables installed in its home Spanish market and the US, Chile and Portugal, with a further 2GW under construction.

Repsol CEO Josu Jon Imaz said: "We are realising our ambition to be leaders in the energy transition by taking firm steps such as this asset acquisition to meet our goals of growth, diversification, and focus on multi-energy. The projects and human talent that we are incorporating with this transaction perfectly complement our strategy."

The oil group bought Asterion Energies from parent group Asterion Industrial. The €560m total could be increased by up to €20m more in contingency payments.

Repsol earlier this year agreed a $1bn deal to bring a consortium of French insurance company Crédit Agricole Assurances and Swiss investor Energy Infrastructure Partners in as a 25% partner in its Repsol Renovables unit.