Repsol acquires European renewables company for €560 million

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Operator of the Kanuku block, Repsol, said it spent €560 million to acquire Asterion Energies, a Spanish company focused on renewable energy projects in Europe.

The transaction, which includes contingent payments of up to €20 million, goes toward fulfilling Repsol’s plan to reach 6,000 megawatts (MW) of installed renewable generation capacity by 2025 and 20,000 MW by 2030. So far, it has more than 1,600 MW of renewable capacity installed in Spain, the United States, Chile and Portugal. Repsol said its presence in key European markets is now strengthened, and its international expansion in Organisation for Economic Cooperation and Development (OECD) countries is consolidated.

Josu Jon Imaz, Chief Executive Officer of Repsol, said: “We are realising our ambition to be leaders in the energy transition by 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.”

Asterion Energies manages a portfolio of renewable projects mostly under development totaling 7,700 megawatts (MW) in Spain (84%), Italy (12%), and France (4%).

Jesus Olmos, Chief Executive Officer of Asterion Industrial, said: “We are proud to have created this European platform from scratch and to have achieved exponential growth over the last three years. We are convinced that Repsol is the ideal partner to continue this growth story and so contribute to the energy transition.”

Repsol also sold 25% of its Upstream Business to US multinational investor, EIG, earlier this year. It said the move was intended to boost its multi-energy platform to achieve net zero emissions by 2050.

Repsol has a 37.5% operating stake in the Kanuku block offshore Guyana, where it hopes to find commercial quantities of petroleum. Supporting Repsol’s work in the Kanuku block are Tullow (with a 37.5% stake) and TOQAP (a consortium of TotalEnergies and QatarEnergy, with a 25% stake). Repsol most recently drilled the Beebei-Potaro exploration well where it encountered good quality water-bearing reservoirs.

It describes Guyana as an up-and-coming country with great energy potential.

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