'Shared strategic vision' | Repsol sells stake in renewables business for close to $1bn
France’s Crédit Agricole Assurances and Switzerland’s Energy Infrastructure Partners (EIP) to buy quarter of RE unit
The board of Repsol has approved the sale of a quarter of its growing renewables business to a consortium of French insurance company Crédit Agricole Assurances and Swiss investor Energy Infrastructure Partners (EIP) for €905m ($963m).
The sale price implies a valuation of the Spanish oil & gas company’s RE business at €4.38bn, including debt and minority holdings. The unit has more than 1.6GW of installed renewables capacity across Spain, Portugal, the US and Chile, most of its wind and solar.
"Having reputable partners such as Credit 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 fulfils our expectations in this important process,” Repsol chief executive Josu Jon Imaz said.
“Our target is to reach an installed capacity of 6GW in 2025 and 20GW in 2030. As partners, they share our strategic vision to grow in renewables, contribute additional expertise and underscore the value of our growth platform.”
The transaction is expected to close before year-end, subject to regulatory approvals. Repsol Renovables will continue to be consolidated within the accounts of the Repsol Group.
It also owns majority stake in major wind energy clusters in Spain, such as the 335MW Delta I in Aragon.
In the US, Repsol has commissioned a first 62.5MW solar array at Jicarilla 2 in New Mexico, which is slated to double in size, with an attached 20MW battery storage.