Repsol’s Board of Directors today approved the sale of a 25% stake in Repsol Renewables (Repsol Renovables currently has more than 1.6 GW of installed renewable capacity and is present in Spain, the United States, Chile, and Portugal) to the consortium formed by the French insurance company Crédit Agricole Assurances and Switzerland-based Energy Infrastructure Partner (EIP) for €905 million. The transaction values Repsol’s renewable business at €4.383 billion, including debt and minority holdings.
“Our target is to reach an installed capacity of 6GW in 2025 and 20 GW in 2030. As partners, they share our strategic vision to grow in renewables, contribute additional expertise and underscore the value of our growth platform,” said Josu Jon Imaz, CEO of Repsol.
The transaction, effective from January 1, 2022, is expected to close before year-end subject to the approvals of regulatory authorities. Under the terms of the shareholder agreement, Repsol will continue to control the renewables business. As a result, Repsol Renovables and its affiliates will continue to be consolidated within the accounts of Grupo Repsol. In accordance with accounting norms, the transaction will have no effect on the Group’s earnings.