Repsol offloads 49% share in Spanish PV asset

• Pontegadea has actually spent EUR27m to acquire its stake in the 127MW Kappa plant in Manzanares

Repsol has marketed a stake in its 127MW Kappa solar plant to Pontegadea, part of the investment company Amancio Ortega.

Pontegadea has spent EUR27m to acquire 49% of Kappa, positioned in Manzanares, with the asset valued at EUR109m in the deal, including the project financial debt.

Kappa has actually been completely operational considering that 2021 and also contains 3 plants, Perseo Foton 1, Perseo Foton 2 and also Perseo Foton 3.

The deal is Repsol's 2nd transaction with Amancio Ortega's investment company, which acquired 49% of the Delta wind farm in November 2021.

The purchase is Repsol's 3rd turn over of renewable assets after the Delta wind farm and also the Valdesolar solar plant.

Repsol CEO Josu Jon Imaz claimed: "We are proud to strengthen our collaboration with Pontegadea through one more equity stake in a second Repsol renewable asset.

" Their confidence in our project will enable us to continue growing steadily in this business produced simply over 3 years ago."

Roberto Cibeira, CEO of Pontegadea, added: "This second deal with Repsol replies to Pontegadea's international investment approach, combining the ecological commitment that comes with all the activities in our portfolio as well as reinforcing our company commitment to sustainability, hand in hand with a recommendation partner such as Repsol."