Repsol acquires European renewables platform with 7.7-GW pipeline

Spanish multi-energy major Repsol SA (BME:REP) said on Friday that it has acquired Madrid-based renewables platform Asterion Energies, which manages a pipeline of close to 7,700 MW of wind and solar power projects in Spain, Italy and France.

The group struck a deal with Spain and UK-based investment manager Asterion Industrial Partners to buy the platform for EUR 560 million (USD 594.5m) plus up to EUR 20 million in contingent payments.

Asterion Industrial invests in infrastructure business across the energy, telecommunications and related sectors in Europe. In the renewables space, it invested in Italian power generation firm Sorgenia, UK’s Amp Clean Energy and Spanish solar self-consumption platform Barter Energy.

Asterion Energies comes equipped with renewable energy projects mostly under development and some under construction. Its pipeline includes around 4,900 MW of solar PV and 2,800 MW of wind projects. Spain hosts some 6,446 MW of the total, Italy 933 MW and France 288 MW, according to Repsol.

"We are realizing our ambition to be leaders in the energy transition, taking firm steps, such as this asset acquisition, to meet our goals of growth, diversification, and focus on multi-energy. The projects and human talent that we are incorporating with this transaction perfectly complement our strategy," commented Repsol CEO Josu Jon Imaz.

Before the transaction, the Spanish oil-and-gas major had around 1,600 MW of installed renewable energy capacity in Spain, the US, Chile and 3 MW of floating wind power in Portugal through participation in the WindFloat Atlantic wind farm. On top of these, there are over 2,000 MW of Repsol’s renewables under construction in Spain, the US and Chile.

The company is targeting 6,000 MW of installed renewables by 2025 and 20,000 MW by 2030.

(EUR 1.0 = USD 1.062)

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