It will pay 560 million, plus a maximum of another 20 million additional, in its largest acquisition so far in renewables
MADRID, 16 Dic. (EUROPA PRESS) -
Repsol has signed this Friday the acquisition of Asterion Energies from the European infrastructure fund Asterion Industrial for 560 million euros, plus a maximum of 20 million in contingent payments, an operation with which the energy company accelerates its commitment to renewables and to become into a global player in 'green' energy, further strengthening the company's position in key markets in Europe, the group reported.
The operation is subject to the usual approvals in this type of transaction. Banco Santander has acted as advisor to M
Repsol had been exploring different operations for some time to further boost its growth in the renewable energy business and, finally, with this acquisition it closed its largest purchase to date in the green energy sector.
With the purchase of Asterion Energies, a development platform created by Asterion in 2019, the group chaired by Antonio Brufau incorporates a portfolio of projects mainly under development of 7,700 megawatts (MW), of which 84% are in Spain, but also allows it to land in this business in Italy -with 12% of the projects- and in France -with 4%-, stable markets with great potential.
Specifically, this portfolio of Asterion Energies assets includes 4,900 MW of photovoltaic solar and 2,800 MW of wind generation, of which 2,500 MW are in an advanced state of development or under construction.
In addition, Asterion Energies has an expert team in the development of renewable and storage projects that will be incorporated into Repsol's growth project in this business.
"We are materializing our ambition to be leaders in the energy transition with firm steps, such as this acquisition of assets, to meet our goals of growth, diversification and focus on multi-energy. The projects and human talent that we incorporate with this transaction perfectly complement our strategy", highlighted the CEO of Repsol, Josu Jon Imaz.
For his part, the CEO of Asterion Industrial, Jesús Olmos, considered that Repsol "is the ideal partner to continue this story of growth and continue contributing with it to the energy transition."
Repsol's 2021-2025 strategic plan contemplates reaching 6,000 MW of installed capacity in 2025 and 20,000 MW in 2030. The company's current portfolio of installed renewable generation projects, before the transaction, amounts to a total of 1,600 MW.
The energy company has 1,470 MW of installed renewable capacity in Spain, 62.5 MW in the United States, 96 MW in Chile and 3 MW of the WindFloat Atlantic floating wind farm (Portugal). In addition, it already has more than 2,000 MW under construction: 1,180 MW in Spain, 719 MW in the United States and 120 MW in Chile.
Among its most notable operating assets in Spain is the Delta wind farm, in Aragón (335 MW); the Valdesolar photovoltaic plant in Badajoz (264 MW), and the Kappa photovoltaic complex located in Ciudad Real (126.6 MW).
The Delta and Kappa projects are 49% owned by Pontegadea, Amancio Ortega's investment vehicle, and Valdesolar's, also 49% owned, by The Renewables Infrastructure Group (TRIG).
These entry transactions of a minority partner, carried out in November 2021, March and July of this year, respectively, implied the consolidation of an asset rotation model in which its double-digit profitability is reinforced.
As for the Delta II wind project, whose works began in 2021, two of its 26 farms are already operational. This Aragonese facility, once completed, will have a capacity of 860 MW, making it the company's largest renewable project to date.
In addition, last June, Repsol incorporated EIP and Crédit Agricole Assurances as partners in Repsol Renovables, an operation that valued that unit at 4,383 million euros.
Repsol also has other projects under development in Spain totaling more than 700 MW: the PI wind farm, located in Castilla y León; the Sigma photovoltaic, in Andalusia; and two photovoltaic located in the provinces of Alicante and Guadalajara, which are in administrative processing.
The company also has a significant hydroelectric portfolio in northern Spain (Aguayo-Aguilar, Navia and Picos), with an installed capacity of 693 MW and an ambitious project to expand the Aguayo pumping station when regulatory conditions allow it.
Likewise, Repsol has a significant presence in the renewable energy market in the United States, one of the largest and with the greatest growth potential in the world, after the purchase of 40% of Hecate Energy.
This group, specialized in the development of photovoltaic solar projects and batteries for energy storage, has a wide portfolio of projects, totaling more than 40,000 MW.
Through this agreement, the group operates its first renewable project in the country, Jicarilla 2, located in New Mexico, with 62.5 MW of total installed capacity. In the same location, it is developing another photovoltaic plant, Jicarilla 1, with 62.5 MW of installed capacity and 20 MW of storage through batteries.
In addition, the company is building the 637 MW Frye photovoltaic solar project in the state of Texas, the company's largest renewable facility in the country to date, which will come online in 2024; and has approved the final investment decision for the 629 MW Outpost solar park.
In Chile, the alliance with the Ibereólica Renovables Group gives Repsol access to a portfolio of projects in operation, construction and development of more than 1,600 MW until 2025 and the possibility of exceeding 2,600 MW in 2030.
This joint venture has completed the construction of the Cabo Leones III wind farm, with a capacity of 188 MW, and is currently building the Atacama project, with a total installed capacity of up to 180 MW.
