Repsol is exploring the sale of a stake in a portfolio of renewable projects in Spain. The plan involves a minority share in wind and photovoltaic assets that are already operating or near to coming online. This move fits Repsol’s ongoing strategy of inviting minority partners to participate in its green portfolio, a strategy reported by Europa Press.
The deal is being described as a very early-stage operation, with sources noting that it could be sealed by the end of the year. The objective is to bring in a partner for a portion of the 700 to 800 million euro green assets, a figure first reported by El Confidencial this week. Repsol has declined to comment on the process.
These renewable power plants are expected to boost the company’s capacity by roughly 600 megawatts and are spread across Andalusia, Aragon, Castilla-La Mancha, and Castilla y León. The approach underlines Repsol’s intent to advance its renewable energy portfolio through strategic alliances with minority investors who bring capital and expertise to accelerate development and execution.
Past collaborations illustrate this strategy. In July of the previous year, Repsol formed a significant alliance with Pontegadea, the investment vehicle of Amancio Ortega, to sell a 49% stake in a photovoltaic complex for about 27 million euros. Earlier, in November 2021, Repsol completed a deal involving the Delta wind farm with a stake sold for 245 million euros, reinforcing the company’s pattern of engaging minority partners in its renewables assets.
In March of the following year, the group led by Josu Jon Imaz acquired a 49% share of the Valdesolar photovoltaic plant through a transaction with Renewable Infrastructure Group (TRIG) for 117 million euros. The deal exemplifies how Repsol leverages external partners to scale its solar portfolio while maintaining a strong strategic position in its renewables drive.
Additionally, in June 2022, Repsol completed the sale of a 25% stake in its renewables subsidiary to a consortium formed by Crédit Agricole Assurances and the Swiss fund Energy Infrastructure Partners (EIP). The arrangement also included the transfer of a substantial portion of related debt, totaling 905 million euros, underscoring the financial structuring often involved in these minority-partner transactions.
Spain already hosts a robust renewables footprint for Repsol, with approximately 1,600 megawatts of installed capacity across wind, solar photovoltaic, and hydro facilities, among others, and around 1,100 megawatts under construction. The company’s strategic plan for 2021-2025 targeted significant growth, aiming to reach about 6,000 megawatts of installed capacity by 2025 and potentially around 20,000 megawatts by 2030 as the multi-energy group expands its renewable generation assets beyond conventional fuels. This broad portfolio now exceeds 2,000 megawatts of installed renewable capacity, reflecting a strong push into cleaner energy.
Under the leadership of the executive team, including the CEO, the group has pursued a series of asset acquisitions and disposals designed to reshape its renewable portfolio. In December, the leadership signed an agreement to acquire Asterion Energies, a move intended to consolidate a diverse array of renewable assets into a sizable platform. The resulting portfolio reportedly aggregates roughly 7,700 megawatts, signifying the scale of Repsol’s renewable ambitions and the continuing role of partnerships in building that capability.