Repsol is accelerating its shift toward renewable energy, and the tempo is rising fast. The group’s strategic expansion in green power centers around the acquisition of Asterion Energies, which already manages about 7,700 megawatts of assets across Spain, Italy, and France. As disclosed to the CNMV, the Spanish oil company will pay 560 million euros upfront, plus a potential 20 million euros more tied to variable payments. This transaction marks a major milestone in Repsol’s ongoing transition from a traditional oil company into a multi-energy group with a growing renewable footprint. (Source attribution: Repsol investment filing)
Repsol’s new deal sets a record as the largest green-energy bet in the company’s portfolio to date. It aligns with the group’s forward-looking targets in its strategic plan, aiming to expand generation capacity significantly. Specifically, Repsol targets reaching about 6,000 MW of renewable capacity by 2025 and a substantial leap to approximately 20,000 MW by 2030, with many projects either under development or already under construction. (Source attribution: Corporate strategy briefing)
Under the leadership of Josu Jon Imaz, the company already hosts more than 1,600 MW of installed renewable capacity. Before the Asterion Energies acquisition, Repsol’s existing renewable portfolio included roughly 1,470 MW in Spain, about 62.5 MW in the United States, 96 MW in Chile, and 3 MW from the WindFloat Atlantic floating wind farm off Portugal. There is also a pipeline of more than 2,000 MW currently under construction: around 1,180 MW in Spain, 719 MW in the United States, and 120 MW in Chile. (Source attribution: Company portfolio update)
“We are moving decisively toward the energy transition leadership, making bold moves to acquire these assets and achieve growth, diversification, and a multi-energy focus,” stated the Repsol CEO. The blend of newly acquired projects and the organization’s talent pool is designed to reinforce the company’s broader strategy and execution pace. (Source attribution: Executive remarks)
The oil group has evolved into a multi-energy player by bringing in partners last June to resume the expansion of its renewable arm. The sale of 25% of its green subsidiary for €905 million to a consortium formed by Crédit Agricole Assurances and Energy Infrastructure Partners (EIP) has sparked renewed momentum for the unit. The financing structure valued Repsol’s renewable business at about €4.383 billion, inclusive of debt and minority interests. (Source attribution: Financing disclosure)