Repsol acquires Asterion Energies, provides 7.7GW of renewable property

Spanish oil main Repsol has acquired renewables power funding platform Asterion Energies from European infrastructure fund Asterion Industrial, for €560 million (US$594 million) plus as much as €20 million in contingent funds.

The transaction will strengthen Repsol’s place in key European markets – primarily in Spain in addition to Italy and France – and add 7.7GW of photo voltaic and wind energy to its portfolio, of which 4.9GW would come from photo voltaic PV.

Most of Asterion’s renewables portfolio is underneath improvement, with 2.5GW of capability in a complicated stage of improvement or underneath building.

With this acquisition, the Spanish oil main will speed up its progress in renewables because it expects to succeed in 6GW of put in capability by 2025 earlier than reaching 20GW of renewables by 2030, a goal it elevated in October 2021.

Previous to the transaction the corporate had a portfolio of 1.6GW of renewable put in capability, with the majority of it (1.47GW) positioned in Spain and different initiatives within the US, Chile and Portugal. As well as, it has greater than 2GW of renewable initiatives underneath building in Spain, the US and Chile.

The corporate elevated its curiosity in renewables earlier this yr when it bought a 25% stake in its renewables arm to a consortium fashioned by French insurance coverage Crédit Agricole Assurances and Power Infrastructure Companions (EIP) with the intention to gasoline its renewables progress capability.

Josu Jon Imaz, CEO of Repsol, mentioned: “We’re realising our ambition to be leaders within the power transition by taking agency steps resembling this asset acquisition to satisfy our targets of progress, diversification, and concentrate on multi-energy. The initiatives and human expertise that we’re incorporating with this transaction completely complement our technique.”

Moreover, Repsol made its first foray into the US market final yr with the acquisition of a 40% stake in photo voltaic and battery storage developer Hecate and an additional funding in a 600MW photo voltaic PV undertaking within the state of Texas.