2023-11-16 17:47:42
Repsol has reinforced its alliance with Pontegadea, the investment arm of Amancio Ortega, founder of Inditex and the largest fortune in Spain, by incorporating him as a partner in a new ‘green’ project, with the taking of a 49% stake in a portfolio of renewable assets of 618 megawatts (MW) for 363 million euros, the company reported.
Specifically, the operation involves valuing the total portfolio at 740 million euros and is the third participation by Pontegadea in Repsol’s renewable assets.
The energy group led by Josu Jon Imaz is thus promoting its strategy of bringing in partners or investors in some businesses to accelerate the achievement of objectives and maximize the return on the group’s operations.
For its part, for Pontegadea it represents its largest operation in renewables and allows it to consolidate its role as one of the main investors in the renewable energy sector, expanding its portfolio to over 1,000 MW.
This portfolio of assets, to which Amancio Ortega’s investment vehicle is now incorporated as a partner, is made up of twelve wind farms located in Huesca, Zaragoza and Teruel (Aragón), and Valladolid (Castilla y León), with a total installed power of 398 MW and two photovoltaic plants, located in Albacete (Castilla-La Mancha) and Cádiz (Andalusia), with 220 MW. Additionally, the portfolio includes projects with hybridization potential, which would add an additional 279.2 MW.
Taken together, the renewable electricity generated by these assets will prevent the emission of nearly 714,450 tons of CO2 into the atmosphere each year.
PARTNERS ALREADY IN DELTA AND KAPPA.
Amancio Ortega’s investment vehicle had previously been associated with the multi-energy company, with the taking of a minority stake (49%) in two renewable assets: the Delta wind farm (Zaragoza), in November 2021, for 245 million euros and in the Kappa photovoltaic complex (Manzanares, Ciudad Real) in July 2022, for 27 million euros.
In addition to Pontegadea, Repsol has brought in The Renewables Infrastructure Group (TRIG) in the Valdesolar photovoltaic plant (Badajoz) and has forged an alliance with Credit Agricole Assurances and EIP in the renewable generation business to boost its growth.
Repsol has a global renewable energy portfolio of 2,300 MW in operation, 3,000 MW under construction and a portfolio of projects in different phases of development in Spain, the United States, Chile and Italy. Its objective is to reach 6,000 MW installed of renewable generation in 2025 and 20,000 MW in 2030.
For its part, Pontegadea has recently diversified its investments also into the energy sector. Thus, it has joined the shareholding of Enagás – of which it has 5%, being its main shareholder with the SEPI – or Enagás Renovables.
It also has another 5% stake in the Redeia group – the former Red Eléctrica Corporación – as well as 12% in the capital of Redes Energéticas Nacionais (REN), the operator of the Portuguese electricity grid.
#Amancio #Ortega #buys #renewable #portfolio #Repsol #million