Bankinter | Repsol has bought a portfolio of over 7.700 MW of renewable projects from Asterion Energies. The assets are located in Spain (84%), Italy (12%) and France (4%). The Spanish oil and gas company is paying 560 million euros for the portfolio, plus an additional amount of a maximum 20 million euros for contingent payments.
Analyst team’s view: Positive news because: (i) it expands its position in renewables. We recall that Repsol’s main objective is to become a multienergy company and reduce its dependancy on oil and gas. As a reference, in its Strategic Plan 2021/2025 it expects to reach 6.000 MW of installed capacity in 2025 and 20.000 MW in 2030. (ii) Geographical diversification and better positioning in OECD countries. Repsol has 1.600 MW in Spain, the US, Chile and Portugal. We expect there will be a positive impact on the stock price.