Spanish Energy Giant Repsol To Sell 49% Of Shares In Renewable Energy Projects - Reports

Spanish Energy Giant Repsol to Sell 49% of Shares in Renewable Energy Projects - Reports

Spanish energy company Repsol intends to sell 49% of shares in its portfolio of wind and solar energy projects in Spain, both those already in operation and those about to be launched, Spanish newspaper El Confidencial reported on Wednesday, citing sources

MADRID (UrduPoint News / Sputnik - 24th May, 2023) Spanish energy company Repsol intends to sell 49% of shares in its portfolio of wind and solar energy projects in Spain, both those already in operation and those about to be launched, Spanish newspaper El Confidencial reported on Wednesday, citing sources.

The deal is still in its early stages and is expected to be finalized by the end of 2023, the newspaper said, adding that its value is estimated at 700-800 million Euros ($753-860 million).

The total capacity of all the renewable energy source power plants in Repsol's portfolio is about 600 MW, the newspaper said.

The plants are reportedly located in the Spanish autonomous communities of Andalusia, Aragon, Castilla-La Mancha, and Castile and Leon.

Similar deals, aimed at attracting a minority partner, have been part of Repsol's strategy to develop its portfolio of renewable energy projects. In July 2022, the company sold 49% of its shares in solar energy company Carra Solar to Inditex founder Amancio Ortega's Pontegadea investment fund for 27 million euros. In November 2022, it made a similar deal with Pontegadea in relation to its shares in Delta Wind Farm. The transaction was valued at 245 million euros.