Repsol and Ardian bid for majority stake in PLT Energía

RepsolRepsol and Adrian bid for majority stake in PLT Energía

Renta 4 | Repsol would be interested in buying Italian renewables company PLT Energía. Repsol and the French fund Ardian are bidding for a majority stake in the Italian firm valued at 1 billion euros, according to press reports. In the event the possible purchase happens at some point in the future, it would mean Repsol disembarking in the Italian energy market. Swedish fund EQT would also be interested in acquiring the company. We should recall that EQT bought Solar Pack for 880 million euros in November 2021.

PLT Energía is engaged in the development, construction and operation of wind power, photovoltaic and biomass plants. Furthermore, the company is active in the commercialisation of gas and electrity. Currently PLT Energía has 44 wind farms (259,01 megawatts), one biomass plant (1 megawatt) and 37 photovoltaic plants (33,9 megawatts) with a total capacity of 294 megawatts. In addition, the company has 120 megawatts of wind power in development and 166,1 megawatts of wind energy under construction.

Valuation:

Neutral impact. If the deal materialises at the announced price, Repsol would be paying 2,17 million euros per megawatt (without taking into account projects under development). We consider this price to be excessive. On the other hand, acquiring the company would provide greater visibility for its renewable generation target of 6 gigawatts to 2025. If the acquisition materialises, Repsol would increase its generation capacity by 460 megawatts (excluding projects under development) to 4.562,3 megawatts. In this way, Repsol would manage to have in operation 76% of the objective set out in its strategic plan.

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