Repsol and Pontegadea are expanding their renewable energy partnership. The energy group has agreed to sell a 49% stake in a 618 MW portfolio of renewable assets spread across Spain for 363 million euros to Pontegadea, the investment arm of Inditex founder Amancio Ortega.
This marks Ortega’s biggest move in the energy sector and the third green energy agreement with Repsol. The deal values the entire renewable portfolio, which until now was owned entirely by Repsol, at 740 million euros.
The joint portfolio includes twelve wind farms totaling 398 MW located in Aragon and Castilla y León; two photovoltaic plants totaling 220 MW in Castilla-La Mancha and Andalusia; and potential for additional hybrid projects with a combined 279 MW that could be added as a single wind-solar installation.
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Ortega’s investment vehicle had previously teamed up with Repsol, acquiring a 49% stake in two renewable assets: the Delta wind farm in Zaragoza in November 2021 for 245 million euros and the Kappa photovoltaic complex in Manzanares, Ciudad Real, in July 2022 for 27 million euros.
Pontegadea has increasingly steered its holdings toward the energy sector in recent years, building substantial stakes in leading players in the energy transition. The founder of Inditex operates a portfolio that includes a stake in Enagás and its green arm Enagás Renovables, as well as a stake in Redeia, the former Red Eléctrica Corporación, and a share in REN, the Portuguese electricity grid operator.
Repsol maintains a broad renewable footprint with roughly 2,300 MW in operation, around 3,000 MW under construction, and a sizable project pipeline across Spain, the United States, Chile, and Italy. The company aims to become a multi-energy platform and targets about 6,000 MW of installed renewable generation by 2025 and 20,000 MW by 2030. Beyond Pontegadea, Repsol completed a strategic investment by acquiring the Renewable Energy Infrastructure Group (TRIG) at the Valdesolar photovoltaic plant in Badajoz and forming alliances with Credit Agricole Assurances and EIP to accelerate growth in its renewable generation business.