Repsol Acquires RE Financial Investment Platform Asterion Energies to Add 7.7 GW Of Renewables Portfolio
- The purchase is for EUR 560 million plus approximately EUR 20 million in contingent payments.
- Repsol thinks that the transaction will certainly aid it to become a global player in renewable energy and reinforces its placement in key markets within Europe.
Spanish international energy and petrochemical business-- Repsol-- has revealed the signing of the acquisition of Asterion Energies from European infrastructure fund Asterion Industrial for EUR 560 million plus approximately EUR 20 million in contingent repayments. Repsol said it looks to come to be a global player in renewable energy and also strengthen its position in key markets within Europe.
Asterion Energies is a renewable energy financial investment platform focused on Europe's energy shift. According to Repsol, Asterion takes care of a portfolio of renewable projects mainly under development totaling 7,700 megawatts (MW). A lot of them are located in Spain (84%), Italy (12%), as well as France (4%) and all are stable markets with high development potential.
The official statement of Repsol held that Asterion Energies' asset portfolio consists of 4,900 MW of PV solar and 2,800 MW of wind generation, of which 2,500 MW are at an innovative stage of development or incomplete. Furthermore, Asterion Energies has a professional group with experience in the development of renewable and power storage assets that will be integrated into Repsol's enthusiastic growth project in this organization.
Josu Jon Imaz, CEO, Repsol, claimed, "We are realizing our aspiration to be leaders in the energy transition, taking solid actions, such as this asset purchase, to fulfill our objectives of growth, diversification, and focus on multi-energy. The projects and human talent that we are including with this deal flawlessly enhance our technique".
Jesus Olmos, CEO, Asterion Industrial, commented, "We are proud to have developed this European platform from the ground up as well as to have actually accomplished rapid growth over the last three years. We are persuaded that Repsol is the suitable partner to continue this growth story and so add to the energy change."
Steady growth of Repsol
Repsol's present portfolio of renewable generation projects completes 1,600 MW. The company has 1,470 MW of set up renewables capacity in Spain, 62.5 MW in the USA and also 96 MW in Chile. In addition, it already has greater than 2,000 MW incomplete: 1,180 MW in Spain, 719 MW in the United States, as well as 120 MW in Chile.
Repsol has actually created a '2021-2025 Strategic Plan' that envisages getting to 6,000 MW of installed renewable generation capacity by 2025 and also 20,000 MW by 2030. In June 2022, the energy company included EIP and Crédit Agricole Assurances as companions in Repsol Renovables, a purchase that valued business device at EUR 4.383 billion.