Repsol buys 7,700 MW of renewable power from Asterion for 560 million

Repsol announced this Friday the purchase of a portfolio of renewable assets of 7,700 megawatts (MW) of power from the infrastructure fund Asterion Energies for 560 million euros, plus a maximum of 20 million in contingent payments.

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NewsEditor
16 December 2022 Friday 02:36
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Repsol buys 7,700 MW of renewable power from Asterion for 560 million

Repsol announced this Friday the purchase of a portfolio of renewable assets of 7,700 megawatts (MW) of power from the infrastructure fund Asterion Energies for 560 million euros, plus a maximum of 20 million in contingent payments.

The acquisition includes 4,900 MW of solar photovoltaic and 2,800 MW of wind generation, of which 2,500 MW are in an advanced stage of development or under construction. In addition, Asterion Energies has an expert team in the development of renewable and storage projects that will be incorporated into Repsol's ambitious growth project in this business, as reported by the company.

The operation, which is pending the usual approvals in terms of competition and regulation, represents a further step in Repsol's strategy of advancing towards the goal of reaching zero net emissions by 2050, and in its 2021-2025 Strategic Plan, in which the objective of reaching 6,000 MW of installed capacity in 2025 and 20,000 MW in 2030 has been set.

In total, Repsol's current portfolio of installed renewable generation projects, prior to this transaction, amounts to 1,600 MW. The company has 1,470 MW of installed renewable capacity in Spain, 62.5 MW in the United States, 96 MW in Chile and 3 MW of the WindFloat Atlantic floating wind farm (Portugal). In addition, it already has more than 2,000 MW under construction: 1,180 in Spain, 719 in the United States and 120 in Chile.

For Josu Jon Imaz, CEO of Repsol, "we are materializing our ambition to be leaders in the energy transition with firm steps, such as this acquisition of assets, to meet our goals of growth, diversification and focus on multi-energy. The projects and the human talent that we incorporate with this transaction perfectly complements our strategy”.

For his part, Jesús Olmos, CEO of Asterion Industrial, commented: “We are proud to have created this European platform from scratch and to have achieved exponential growth in the last three years. We are convinced that Repsol is the ideal partner to continue this story of growth and continue contributing with it to the energy transition”.

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