Bankinter| Repsol (REP) has sold a 49% stake in renewable assets of the Ebro project, 618MW, to Pontegadea for €363 million. This represents a valuation of the entire portfolio €740 million. It comprises twelve wind farms in Huesca, Zaragoza, Teruel, Valladolid, Albacete and Cádiz.
Assessment: Positive news because it strengthens alliances with Pontegadea, with whom it has already closed three operations in renewables (49% of the Delta project for €245 million in 2021 and 49% in the Kappa project for €27 million in 2022). It also allows Repsol to obtain funds from a stable partner to continue growing in the renewables sector, which is one of its main objectives.
It should be remembered that for years Repsol has been in the process of converting itself into a multi-energy company, with an increasing presence in renewables and less in oil and gas, which allows it to increase diversification. As a reference, since 2021 Repsol has raised around €5,000 million in corporate operations that have been allocated to its low-emissions segment.
In this context, the Buy recommendation is reiterated. Repsol is one of the multi-energy companies with the best prospects: it has a healthy balance sheet, trades at low multiples, has a stable dividend yield (4.9%) and is increasingly present in the renewables area. The news is expected to have a positive impact on the market.