Repsol has already secured the acquisition of Viesgo´s combined cycle gas power plants and retail business. According to sources close to the operation, the oil company and Macquarrie, the fund that controls the Cantabrian electricity company, have agreed the principle points of the agreement. The operation, which has already been raised at board level in the oil company, needs to conclude only the final details. In this way Repsol enters in the electricity generation and electricity and gas retail markets in Spain, as announced on 6 June by its CEO Josu Jon Imaz when presenting the lastest update of the company´s strategic plan.
The operation, valued at over 500 million euros, includes the gas driven combined cycle power plants and the sales side, which includes the retail business with around 730,000 customers: according to data published by Spains stock market regulator CNMC, over 657,000 customers for electricty and 73,000 for gas.
This will convert Repsol into the fifth largest trader in electricity in Spain, behind only Endesa, Iberdrola, Gas Natural Fenosa and EDP. The aim of the oil multinational is to secure 2.5 million customers for electricity and gas. The acquisition will be financed by funds secured through the sale of 20% in Gas Natural, which resulted in income of 3.8 billion euros