CEO of Repsol, Joshua Jon Imaz announced November 2020 Repsol’s intention to seek a partner to grow in renewable energy. On April 28, at the presentation of first quarter results, the leader said: process progressed and the company would make a decision for better or worse. before summer. And so it was: the company’s board of directors approved the sale of the company this Thursday. 25% of its renewable subsidiary to 905 million Euros to a consortium Credit Agricole Assurances and Energy Infrastructure Partners (EIP)as reported by the company to the National Securities Market Commission (CNMV) in a related case.
operational values Repsol’s renewable business €4,383 million, including debt and minority interests, represents a new “turning point” for the company in meeting its obligations. Strategic Plan 2021-2025, It aims to further develop its renewable portfolio with the ultimate goal of achieving zero net emissions by 2050. Repsol Renovables currently has a portfolio of more than 1.6 GW of installed renewable capacity and is available and targeted in Spain, the United States, Chile and Portugal. to upgrade your portfolio 6 gigawatts (GW) 20 GW in 2025 and 2030.
As announced a few weeks ago Joshua Jon Imaz Prior to the analysts, Repsol was looking for a partner to “grow, not divest” and “add value”, and this is “fully aligned” with this renewable growth strategy. Only then did Imaz, Repsol’s I was in no hurry by “support” cash generation higher than expected following the rise in oil prices due to the war. “We have the balance and the cash to grow. We have the choice to make decisions and we will only do that if we find the ideal partner,” he added.
have prestige partners Credit Agricole Assurances Y IPE As Repsol Renovables, it reinforces the validity of our strategy and our aim to be a relevant player in the energy transition and meets our expectations in this important process. According to Josu Jon Imaz, our target is to reach 6 GW in 2025 and 20 GW in 2030. “As partners, they share our strategic vision to grow in renewable energy, bring their experience and underline the value of our growth platform.” .
The operation, which will have economic effects, January 1, 2022is completed before the end of the year, after the necessary regulatory approvals have been obtained. According to the shareholders agreement, Repsol will continue to control the renewable energy business, so that Repsol Renovables company and its subsidiaries will continue to be consolidated in Repsol Group accounts. Pursuant to accounting regulations, the activity will not have any impact on the Group’s income statement.
Source: Informacion
Calvin Turley is an author at “Social Bites”. He is a trendsetter who writes about the latest fashion and entertainment news. With a keen eye for style and a deep understanding of the entertainment industry, Calvin provides engaging and informative articles that keep his readers up-to-date on the latest fashion trends and entertainment happenings.