Renta 4 : Agreement for the sale of a portfolio of distributed generation assets in France for €140 million.
According to press reports, Repsol has reached an agreement to sell a portfolio of distributed generation assets in France to the French company Altarea for €140 million.
These assets are part of the projects acquired in 2023 from the Asterion Industrial Partners fund, when it bought a portfolio of 7,700 MW of renewable assets in Spain, Italy and France. They include 42 MW in operation, another 40 MW under construction and 400 MW in various stages of development in more than 1,500 projects.
At the end of 1Q24 Repsol had an installed capacity of more than 3 GW, with a net investment committed in its 2024-2028 Strategic Plan of between €3,000 and €4,000 million to reach 6 GW in 2025, between 9-10 GW in 2027 and between 15-20 GW in 2030, with a portfolio of renewable projects of around 60 GW and bringing in minority shareholders to support the financing of growth.
Assessment: Positive news, confirming the interest and profitability of the projects acquired and developed by the Company in the low-emissions business, but with no impact on the share price as it is a small operation (<1% market cap).
We reiterate our recommendation of Overweight and Target Price €19.5/share.
