Repsol’s board of directors agreed this Thursday to sell 25% of its renewables business for 905 million euros to a Franco-Swiss consortium made up of Credit Agricole Assurance and the Energy Infrastructure Partnerss (EIP) fund.
As reported by Repsol to the National Securities Market Commission (CNMV), said operation must be carried out before the end of 2022 after obtaining the necessary authorizations, reports Servimedia
This sale amounts to 100% of Repsol Renovables at 4,383 million euros, including debt and minority interests.
According to the shareholders’ agreement, Repsol will continue to control the renewables business, so that the company Repsol Renovables and its subsidiaries will continue to be consolidated in the Repsol Group’s accounts. In accordance with accounting regulations, the operation will not produce any effect on the Group’s income statement.
The incorporation of Crédit Agricole Assurances and EIP as partners entails an investment commitment that reinforces the growth of Repsol Renovables in line with the objectives of its Strategic Plan of reaching 6 gigawatts (GW) in 2025 and new plans that include the entry into new markets and the incorporation of complementary technologies such as offshore wind power.
The company currently has a portfolio of more than 1.6 GW of installed renewable capacity and is present in Spain, the United States and Chile, also participating in the WindFloat offshore wind project in Portugal.
Repsol highlights that this operation demonstrates the solidity of the company’s business and growth model in this segment created just over three years ago.
In fact, he assured that the sale of this minority stake has aroused great interest among the international investment community, with top-tier entities bidding in the different phases of this procedure.
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