Amancio Ortega, through his investment vehicle Pontegadea, is finalizing a major move in the renewable energy sector with a strategic acquisition. A 49% stake in a broad portfolio described as the “Mega portfolio” is being acquired, according to market sources cited by Europa Press. The information points to a partnership with Repsol to advance wind and solar projects across Spain as part of a new alliance aimed at accelerating green energy initiatives.
The deal centers on the Ebro project, a portfolio exceeding 600 renewable megawatts spread across several Spanish regions, including Aragon, Castilla y León, and Andalusia. The transaction is valued in the vicinity of 700 to 800 million euros, with Pontegadea’s corresponding investment estimated at roughly 350 to 400 million euros.
Market sources said the operation could close soon, following Pontegadea’s success in winning the competitive process opened in May for the sale of this minority stake.
Representatives from Pontegadea and Repsol, contacted by Europa Press, declined to comment.
Earlier this year, during a conference with analysts reviewing the third‑quarter results, Repsol CEO Josu Jon Imaz had already indicated that the stake sale in this renewable portfolio would be wrapped up in the near term. He cited a timeline of “two or three weeks” and highlighted that the project is expected to deliver double‑digit profitability even in a challenging financial environment.
Alliances that include minority investors align with Repsol’s strategy to expand its renewable portfolio and diversify its funding sources.
New Alliance
Indeed, Pontegadea, the investment arm of Inditex’s founder, will not be breaking new ground in July with its first collaboration in the energy sector. Earlier, it acquired a 49% stake in Repsol’s Kappa photovoltaic complex for 27 million euros.
Previously, in November 2021, Repsol agreed to sell a stake in a similar wind asset, the Delta wind farm, for 245 million euros. The pattern shows Pontegadea’s growing diversification into energy by joining forces with major players.
Pontegadea has been broadening its energy exposure, taking stakes in Enagás and Enagás Renovables, where it owns about 5% and stands as a principal shareholder alongside SEPI. It also holds a 5% stake in the Redeia group (formerly Red Eléctrica Corporación) and a 12% stake in its subsidiary, National Energy Networks (REN), the operator of the Portuguese electricity grid.
Support for Renewable Energy
Repsol’s Josu Jon Imaz has overseen other notable alliances, such as the sale of 49% of the Valdesolar photovoltaic plant to The Renewables Infrastructure Group (TRIG) for 117 million euros. In addition, a sale worth 905 million euros was completed to a consortium formed by Crédit Agricole Assurances and Swiss fund Energy Infrastructure Partners for a 25% stake in Repsol’s renewable subsidiary, backed by debt financing.
Repsol’s 2021–2025 strategic plan, which is set to be updated in the coming February, targets a wide expansion of installed capacity to 6,000 MW by 2025 and up to 20,000 MW by 2030. The current portfolio of renewable projects stands around 2,300 MW and continues to grow, reflecting the group’s commitment to accelerating its green energy footprint.
Last December, Repsol also completed the acquisition of Asterion Energies, acquiring a portfolio of renewable assets totaling 7,700 MW to accelerate its transition toward a deeper commitment to renewable energy.