Spanish Oil Giant Enters Solar Industry

Spain’s Repsol Ventures Into Solar Getting Rights Over 264 MW Spanish PV Project With Acquisition Of Valdesolar Hive For €210 Million
06:20 AM (Beijing Time) - 13. September 2018
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According to Repsol's Strategy Plan for 2016-2020, the Spanish oil company will allocate €2.5 billion ($2.9 billion) to reach 4.5 GW of low-emissions energy capacity by 2025. The plan involves solar and wind power technologies – and the newly acquired 264 MW PV plant is one part of this.(Photo Credit: Flickr/Repsol)

Key Takeaways

  • Repsol of Spain has acquired a solar power project company, Valdesolar Hive, according to media reports
  • With its acquisition, it has become the owner of a 264 MW solar power project in Badajoz, Extremadura
  • Media reports suggest Repsol acquired the company from Hive Energy and Nexar Renovables for a total of €210 million ($243.4 million)
  • According to Repsol's Strategy Plan for 2016-2020, the Spanish oil company will allocate €2.5 billion ($2.9 billion) to reach 4.5 GW of low-emissions energy capacity by 2025

Repsol, the Spanish oil company, has ventured into solar by acquiring Valdesolar. The deal has made Repsol the owner of a solar power plant of 264 MW capacity that is currently an under development, reported Spanish newspaper Expansion.

Several other local media reports carried details of the acquisition as the official statement hasn’t been released as yet. The project is apparently still awaiting some official permits to begin construction. Repsol has acquired the company from two investors, Hive Energy and Nexar Renovables for a total of €210 million ($243.4 million).

What makes this 264 MW project important is that it will be one of the largest PV projects in the country. It will be located near the Valdecaballeros nuclear power plant. Both will use the same substation.

In July 2018, Spanish newspaper El Diario reported that Alicante based Valdesolar Hive SL is developing the project in Valdecaballeros municipality of Badajoz province in Extremadura.

The acquisition seems to be part of Repsol’s strategy plan for 2016-2020 under which it is looking to have 4.5 GW of low-emissions energy capacity by 2025 that involves solar and wind power technologies.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani