Banc Sabadell | Repsol (REP) will sell a part (49% stake) of a solar (300 MW) and wind (400 MW) portfolio in Spain that will come on stream in 2025 with a combined capacity of 706 MW, according to press reports. The valuation is estimated at over €900 million.
Assessment: Positive news with little impact (3.8% capitalisation/8% NFD’24) if confirmed as more asset rotation was expected by 2025. We recall that the 25-27 Strategic Plan included close on €2 billion in asset rotation and divestments. If this transaction goes ahead, together with the recently announced Schroders Greencoat (400 MW) deal, by 2025 Repsol would have additional rotations pending in the United States. We recall that Repsol has 3,700 MW in operation and a global portfolio of 60 GW of projects in different phases of development. In Spain, it has more than 2,600 MW of renewable energy in operation and more than 600 MW under construction and development.
