Spanish multi-energy group Repsol SA (BME:REP) has launched a search for a minority partner that will acquire a 49% stake in its portfolio of solar photovoltaic and wind power assets in Spain, according to media reports in the country.
On the table are some 600 MW of power plants in operation or about to start operations, the reports said.
The deal is still in infant stages, with closure expected to take place at the end of 2023, news agency Europa Press reported citing market sources.
The transaction could be worth between EUR 700 million (USD 749.7m) and EUR 800 million, Spanish newspaper El Confidencial has learned.
Repsol declined to comment on any of the reports, the media said.
The group carried out similar transactions in previous years. In 2021, it sold a 49% stake in the Delta wind farm complex in Spain to investment house Pontegadea Group. Months later, The Renewables Infrastructure Group (LON:TRIG) agreed to acquire a 49% stake in Repsol’s 264-MW Valdesolar solar farm.
Deals such as these typically enable companies to raise funds for further renewables development, while retaining operational control over the assets shared with a minority partner.
(EUR 1.0 = USD 1.071)
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