Amancio Ortega, through its investment vehicle Pontegadea, is completing its largest operation in the field of renewable energy with an acquisition. 49% stake in ‘Mega portfolio’ According to information obtained by Europa Press from market sources, information was given about Repsol wind and photovoltaic projects in Spain within the scope of a new alliance to promote energy and ‘green’ energies.
In particular, the operation will value the assets of the Ebro project, a portfolio of more than 600 renewable megawatts (MW) located in various regions of Spain. such as Aragon, Castilla-León or AndalusiaIt is in the range of 800 to 700 million euros, meaning Pontegadea’s investment will be around 1 million euros. approximately 400-350 million euros.
The same sources stated that the operation could be closed in the near future after Pontegadea prevailed in the competitive process for the sale of this minority stake, which opened in May.
Pontegadea and Repsol sources consulted by Europa Press declined to comment.
A few weeks ago, during a conference with analysts to present the results for the third quarter of the year, Repsol CEO Josu Jon Imaz had already stated that the process of selling shares in this renewable portfolio would be closed. “Within two or three weeks,” he said, and also emphasized that this operation will confirm the “double-digit profitability performance” that the company has set for such projects. “This exists even in the financial environment.”
Alliances through the participation of minority partners are included in the energy company’s strategy for the development of its renewable portfolio.
New Alliance
In fact, the investment vehicle of Inditex’s founder will not be the first company to be closed with Pontegadea in July last year, as the investment vehicle of Inditex’s founder acquired a 49% stake in the energy company’s ‘Kappa’ photovoltaic complex for 27 million euros.
Previously, in November 2021, Repsol also signed a contract with this man. Spain’s richest man and one of the world’s largest fortunes Sale of a similar stake in the ‘Delta’ wind farm with an investment of 245 million euros.
Pontegadea has recently been diversifying its investments in the energy sector. Thus, it participated in the shares of Enagás or Enagás Renovables, of which it owns 5%, which is the main shareholder with SEPI.
It also owns a 5% stake in the Redeia group, formerly Red Eléctrica Corporación, and a 12% stake in its capital. National Energy Networks (REN)Operator of the Portuguese electricity grid.
Support for renewable energy
The group led by Josu Jon Imaz has closed other such alliances, such as the sale of 49% of the ‘Valdesolar’ photovoltaic plant to The Renewables Infrastructure Group (TRIG) for 117 million euros.
In addition, it closed the €905 million sale of a 25% stake in its renewable subsidiary to a consortium formed by Crédit Agricole Assurances and Swiss fund Energy Infrastructure Partners (EIP). debt.
The multi-energy company’s 2021-2025 strategic plan, which will be updated next February, aims to reach 6.000 MW installed power in 2025 In 2030, it will be 20,000 MW, and the multi-energy company’s current installed renewable energy generation project portfolio will reach approximately 2,300 MW.
In December last year, the firm, headed by Antonio Brufau, also signed the acquisition of Asterion Energies, which includes a portfolio of renewable assets of 7,700 MW, to further accelerate its commitment to renewable energy.